Apple today became the first U.S. company to hit a market value of $1.5 trillion after rising over $8 per share (2.3%) to hit a market cap of $1.525 trillion as the U.S. and worldwide economies slowly open after extended shutdowns due to the COVID-19 pandemic.
The S&P 500 and Dow eased on Wednesday, as losses in financial stocks outweighed a boost from technology, with focus shifting to the Federal Reserve’s first projections on the economy since the coronavirus outbreak.
The tech-heavy Nasdaq, by contrast, hit a record high for the fourth straight session, with gains for Apple Inc, Amazon.com Inc and Microsoft Corp driving a rally which has taken the index back into bull market territory.
The Fed concludes its regular two-day meeting later on Wednesday, with investors set to parse the outcome for signs on how long the central bank plans to maintain its ultra loose policy along with any plans to introduce yield control measures aimed at U.S. Treasuries.
A surge of more than 45% in the three main U.S. stock indexes, since falling sharply in March, has been underpinned by unprecedented monetary and fiscal stimulus measures and resulting hopes of an economic rebound.
MacDailyNews Take: Boom!
The next ten years are going to be absolutely amazing for Apple. The company has just started to really get going! — MacDailyNews, August 2, 2017
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. – MacDailyNews, March 1, 2018
The greatest company on earth is still wildly undervalued! The march to $2 trillion has begun! — MacDailyNews, August 2, 2018