19 August 2020 - 19:00 Apple made Wall Street history on Wednesday when its 2020 stock surge pushed the market value past $2-trillion, the first time a US company has surpassed that level.
The gains have solidified Apple’s position as the most valuable company in the world. While Saudi Aramco briefly boasted a $2-trillion valuation in December, shares of Saudi Arabia’s national oil company subsequently dropped, and it now trades with a market cap of about $1.8-trillion. Among US companies, Apple is trailed by Amazon and Microsoft, the second- and third-largest US stocks, both of which have market caps under $1.7-trillion.
At a time when technology’s top executives are being dragged in front of US legislators to defend their companies’ spiralling size and influence, the sight of Apple doubling in a year is unlikely to burnish its image with critics. Its current market value is only slightly smaller than the entire Russell 2000 Index of small-cap stocks, a gauge that has fallen in 2020 as pandemic shutdowns punish the US economy.
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