Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded United States company worth a trillion dollars.
Apple has become the first US-listed company to be valued at a trillion dollars.
The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones.
The price escalation has widened Apple's profit margins to the delight of investors, who have boosted the company's market value by about $83 billion - almost equal to the entire market value of American Express - since the quarterly report came out late Tuesday.
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PetroChina, the world's fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007.
April 1976: Jobs, Wozniak and Ronald Wayne create Apple Computer to sell an eponymous computer hand-built by Wozniak.
Apple's stock has risen over 30 percent in the past year, fueled by optimism about the iPhone X, launched a decade after the original.
Though Apple deals in various technology projects, however, its relations with direct costumers is due to its two flagship products which are iPhone and iPad. iPhone is among top selling phones around the world and people love it for its performance.
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This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.
Five years ago, Apple was spending about US$4b a year on research and development, or about 3 per cent of its sales. Apple's share price rose to an incredible $207 per/share earlier this morning. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled. Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion.
"Tim and team have done a masterful job of continuing to develop Steve's vision while bringing operational and environmental excellence to every part of Apple's business to achieve their unheard-of scale while continuing to grow unprecedented margins in the consumer electronics business", Fadell said.
Despite the day's reprieve for Wall Street, concerns remained over the U.S.
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In 2015, the investor Carl Icahn wrote that Apple's rising R&D spending "should signal to investors that Apple plans to aggressively pursue" growth opportunities.