Apple's $2 trillion market capitalization is so big that it's now worth almost as much as the entire UK stock market
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Saloni Sardana
Aug 21, 2020, 21:02 IST
The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New YorkReuters
Apple's stock price has ballooned so much in recent weeks that it is on track to be worth more than the entirety of the UK's benchmark share index, the FTSE 100.
The tech giant became the first US-listed company to reach the $2 trillion mark this week.
According to data from Bloomberg, the FTSE is worth just shy of $2.2 trillion.
If Apple's stock rises 7%, it will surpass the FTSE in market capitalization.
Apple's stock price has ballooned so much in recent weeks that it is on track to be worth more than the entirety of the UK's benchmark share index, the FTSE 100.
By comparison, the UK's FTSE 100, which comprises the 100 biggest UK-listed companies by market cap, is worth $2.16 trillion according to Bloomberg data, meaning Apple is bracing to soon be bigger than the entire index.
Apple's market cap is $2.02 trillion as of 10 a.m. ET Friday, meaning it would need to gain around 6.9% to surpass the FTSE's valuation.
Apple's stock has exploded about 114% since closing at a low of $224.37 in March.
Apple's stock price since the start of the year
The S&P 500 hit a low of 2237 in March during the initial pandemic rout. Since then, the index has staged a dramatic turnaround and risen by around 51%. It is up around 5% since the start of 2020.
Apple's stock market growth comes amid massive stimulus by the Federal Reserve, expectations of a COVID-19 vaccine, and investor optimism on the type of economic recovery that awaits the US post-COVID-19.
Investors have flocked to technology stocks such as Apple, Tesla, and Amazon during the pandemic, pinning their hopes on these stocks surviving the economic shock of the virus better than the rest of the market.
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