Shares of Apple Inc. briefly crossed the threshold required for the company to achieve a $ 3 trillion market value Monday, though the stock turned lower.
Apple shares AAPL, +2.49% reached an intraday high of $ 182.88 in Monday trading as of 2 p.m. ET, but fell lower than the mark needed for $ 3 trillion shortly after. Shares need to close at or higher than $ 182.86 for the company to become the first to finish a trading session with a valuation of $ 3 trillion or more.
Apple was the first U.S. company to hit the $ 1 trillion mark, in 2018, and has since been joined at that level by Microsoft Corp. MSFT, -0.78%, Google parent company Alphabet Inc. GOOGL, +0.16% GOOG, +0.34%, Amazon.com Inc. AMZN, +2.23%, Facebook parent company Meta Platforms Inc. FB, +0.70% and Tesla Inc. TSLA, +12.30% Only Microsoft has joined Apple with a market cap of more than $ 2 trillion so far, but Google has flirted with that valuation repeatedly.
Apple’s market value has risen by roughly $ 2 trillion since its pandemic low on March 23, 2020, according to Dow Jones Market Data. Apple’s valuation is also larger than market values of the S&P 500 SPX, +0.44% energy, utilities, consumer staples, materials, and real-estate sectors, Dow Jones Market Data reported.
Shares were up 2.7% in Monday’s session, and have gained 28% in the past three months as the Dow Jones Industrial Average DJIA, +0.41% has risen 6.3%.