By Jennifer Booton
NEW YORK (MarketWatch) - Shares of Apple
closed up 1.9% at a new record
high of $122.02 on Tuesday, pushing the iPhone maker's market
capitalization above $700 billion for the first time.
As of Tuesday's
close, the Cupertino-based company was valued at $710.8 billion, making
Apple the first U.S. company to surpass the $700 billion mark. Apple
first traded above $700 billion in intraday trade on Nov. 25, 2014, but
this is the first time the stock has closed above it. Since Apple's IPO
in December 1980, the company's market value has risen more than
50,600%, with half of that occurring since January 2012, according to
Dow Jones Factoids. Apple is now double the size of Microsoft
which is the second-largest U.S. company with a market cap of $347.5 billion.