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29 Sep, Thursday
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Bull Trader USA

: Apple comes up short of $3 trillion market cap

Shares of Apple Inc. briefly crossed the threshold required for the company to achieve a $3 trillion market value Monday, but dropped lower and missed the mark.

Apple shares AAPL, +2.50% reached an intraday high of $182.88 in Monday trading, but fell lower than the mark needed for $3 trillion shortly after and closed at $182.01. Shares need to close at or higher than $182.86 for the company to become the first in the U.S. to establish a valuation of $3 trillion or more.

Apple was the first U.S. company to hit the $1 trillion mark, in 2018, and has since been joined at that level by Microsoft Corp. MSFT, -0.47%, Google parent company Alphabet Inc. GOOGL, +0.10% GOOG, +0.27%, Amazon.com Inc. AMZN, +2.21%, Facebook parent company Meta Platforms Inc. FB, +0.65% and Tesla Inc. TSLA, +13.53% Only Microsoft has joined Apple with a market cap of more than $2 trillion so far, but Google has flirted with that valuation repeatedly.

Apple’s market value has risen by roughly $2 trillion since its pandemic low on March 23, 2020, according to Dow Jones Market Data. Apple’s valuation is also larger than market values of the S&P 500 SPX, +0.64% energy, utilities, consumer staples, materials, and real-estate sectors, Dow Jones Market Data reported.

Shares increased 2.5% Monday, and have gained 28% in the past three months as the Dow Jones Industrial Average DJIA, +0.68% has risen 6.3%.

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