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Apple is 1st US company to be valued at $2 trillion

Apple is 1st US company to be valued at $2 trillion
Posted at 9:27 AM, Aug 19, 2020
and last updated 2020-08-19 12:27:20-04

NEW YORK (AP) — Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.

Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

The company’s hugely loyal customer base trust its products so much that they continued to buy iPhones and other devices online while stuck at home.

Apple recently reported blowout earnings for the April-June quarter.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook and Google’s parent company — account for nearly 23% of the S&P 500’s entire value.