Apple Stock Hits Record High of $133.29, Market Value of $700 Billion

At the close of the market on Monday, Apple hit an all-time high of $133.29, breaking the previous record set on May 22, 2015, with market capitalization again flirting with $700 billion.

The latest quarterly earnings report was led by the debut of the iPhone 7 and services revenue. Last quarter was a record-setting quarter for Apple with a total of $78.4 billion in revenue and $17.9 billion in net profit.

The climb has taken nearly two years, with the last peak of $132.54 hit at the close of business in May 2015. Today’s surge was aided by a pair of reports on Monday morning, claiming that Apple’s Services revenues were undervalued by investors.

“Among the big names who backed the stock, Warren Buffett’s Berkshire Hathaway (BRKa.N) last August said it had increased its stake in Apple by 55 percent to 15 million shares, now worth $2 billion. David Einhorn’s hedge fund Greenlight Capital in January said it still likes Apple.

Apple has climbed 50 percent from lows in the first half of last year and is up 15 percent so far in 2017. It was still short of its all-time intraday high of $134.54, set on April 28, 2015.”

Today’s record close helped the S&P 500 stock index over the $20 trillion mark. Apple is the largest component of the S&P 500 and a core holding on Wall Street.

[via Reuters]