SAN FRANCISCO: Apple has set a record on Wall Street: It’s the first US company to be worth more than $700 billion based on the value of its stock at the close of trading on Tuesday.

That’s almost twice the value of the next biggest company, oil giant Exxon Mobil.

Apple shares rose almost 2 per cent Tuesday, closing at $122.02, which gave it a market value of more than $710bn.

Read: Apple is most valuable company ever at $622 bn

Apple, which has reported record sales and profit in recent quarters, has crossed the $700bn line before in the course of daily trading, but Tuesday was the first time any US firm finished the day above that line.

Exxon Mobil Corp. saw its shares fall by 0.6pc Tuesday and closed with a value of about $385bn.

Published in Dawn, February 12th, 2015

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