it's more a testimony of the importance of Apple on the market."Īpple is the first private sector company to reach this level. "It's one of those things that does not mean anything by itself. "There's no real excitement on the trading desk," said Karl Haeling of LBBW. Many financial insiders, however, view the record as a non-event. "The $1 trillion mark is more psychological, and sends a message of growth and size into the market," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Jobs, who founded Apple in a Silicon Valley garage in 1976 with Steve Wozniak and built it into a global powerhouse, died in October 2011.Īfter the death of master pitchman Jobs, analysts and other industry watchers wondered whether the company would lose its ability to create buzz for "the next big thing."īut Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple's products to China and other foreign markets.Īs with other landmarks - such as the Dow crossing 25,000 points for the first time - the Apple record is significant because of its resonance beyond the financial universe. The landmark is the latest victory for Tim Cook, who faced scepticism when he took over as chief executive in 2011 from ailing iconic co-founder Steve Jobs. Shares of Apple hit $207.91 in afternoon trading on Wall Street, allowing it to hit the magic number two days after the California tech giant reported strong quarterly earnings. Apple's record of becoming the first private-sector company to surpass $1 trillion in market value is significant because of its resonance beyond the financial universe
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