Apple becomes first US company to close with a market cap above $700B

Apple on Tuesday became the first U.S. company to close with a market cap above $700 billion.

The tech giant's market value rose to $710.70 billion after it announced it had partnered with First Solar to build a $850 million renewable energy farm.

The farm in Monterey County would provide enough energy to power nearly 60,000 homes, Cook said. The California farm would become Apple's fourth, as the company already has two in North Carolina and one in Nevada.

Apple had touched the $700 billion level before, but never managed to settle there.

CNBC's Jacob Pramuk contributed to this report.