As reports on the potential development of a new iPhone model for the Verizon network circulated yesterday, shares of Apple continued to rise, closing at yet another new all-time high. Rising 15% in March alone, Apple is one of the best-performing stocks on the Nasdaq 100 index this month.
The Big Apple’s Milestone
But with yesterday’s gain, Apple’s market capitalization passed that of retail giant Wal-Mart for the first time. That gives the Cupertino-based tech company the distinction of becoming the 3rd biggest company on the S&P 500 now, putting it behind only ExxonMobil, and fellow Nasdaq-listed stock Microsoft.
Apple’s meteoric rise to #3 in the S&P is not bad for a company whose market cap was just around $17 billion 10 years ago – when it had yet to revolutionalize the music industry with its first iPod, which was only introduced in 2001.
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