Apple Reaches Record U.S. Market Value on IPhone Optimism
This article is for subscribers only.
Apple Inc. set a U.S. record for market value, surpassing the high mark reached by Microsoft Corp. during the Internet heyday, on optimism that the next version of the iPhone will meet strong sales.
The shares of Cupertino, California-based Apple rose 2.6 percent to $665.15 at the close in New York yesterday, for a market value of $623.5 billion. That overtook Microsoft’s $616.3 billion closing market capitalization on Dec. 27, 1999, according to data compiled by S&P Dow Jones Indices LLC. Apple extended the gains today, advancing as much as 1.5 percent.