Apple is second company to hit US$5 trillion in market value

[NEW YORK] Apple became just the second company ever to achieve a US$5 trillion market valuation.

The iPhone maker’s shares rose as much as 1.8 per cent to US$342.89 on Tuesday (Jul 28), pushing the company’s market capitalisation to above US$5 trillion for the first time. It has since dipped back below. If the stock closes above US$340.43 it will cross the threshold.

Nvidia closed at a record US$5.7 trillion on May 14, but it has since lost roughly US$1 trillion in valuation. Apple is now the biggest company in the S&P 500 Index. BLOOMBERG