Apple Inc. made Wall Street history as the first company with a market value over $3 trillion , the latest sign of big tech’s seemingly unstoppable dominance in equity markets.
Apple’s ascent to the milestone helped the Nasdaq 100 Index to its best-ever first half ever, driving a broader stock rally that underscored the dominance of tech megacaps., leading some to question its viability as the economy faces potentially more Federal Reserve interest-rate hikes. “The reason Apple has outperformed for more than a decade isn’t because investors are being foolhardy, but because it is executing on a business strategy that works, its earnings plan is working, and its lock on the consumer is only getting stronger,” said Jonathan Curtis, director of portfolio management for Franklin Equity Group.