Faizel Patel – 19/08/2020
Apple has become the first US company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.
The Associated Press reports that Apple’s 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.
Apples hugely loyal customer base trusts 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,
Just five companies — Apple, Microsoft, Amazon, Facebook and Google’s parent company — account for nearly 23% of the S&P 500’s entire value.
Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019, but its shares have fallen since amid a drop in oil prices.
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