NEW YORK — Apple’s market capitalization topped $500 billion Wednesday, climbing to a mountain peak where few companies have ventured — and none have stayed for long.
Apple was already the world’s most-valuable company. The gap between it and No. 2 Exxon Mobil has widened rapidly in the past month, as investors have digested Apple’s report of blow-out holiday-season sales of iPhones and iPads.
The company’s market capitalization was $505.8 billion at the close of trading Wednesday as the shares rose $7.03 to close at $542.44.
Apple is the sixth American corporation to reach the $500 billion milestone.
Exxon, now worth $411 billion, was worth just over $500 billion for two short stretches at the end of 2007. Microsoft was worth just more than $500 billion briefly at the end of 1999, and again in early 2000. Cisco Systems, Intel and General Electric also peaked just above $500 billion in early 2000.
Analysts expect the Apple rally to have some legs. The 35 analysts who have reported to FactSet since Apple’s latest earnings report have set an average price target of $592 a share, or 8 percent higher than Wednesday’s level. That implies a market capitalization of $552 billion. The Associated Press
