Apple hits historic $3 trillion market cap

The iPhone maker gained 2.3 per cent on Friday, adding to a rally that’s added more than US$983 billion to its size this year and leaving it roughly a half-trillion dollars above the next-largest company. 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 megacapsSign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.

“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.

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