Apple Reaches Record Breaking $700 Billion Market Cap

Apple's market capitalization reached a new record breaking high of $700 billion today, trading over $119.

Just two weeks ago, we reported that Apple broke $660 billion, setting a new record. Since CEO Tim Cook took over in August 2011, Apple's market cap and stock price has nearly doubled.

"It's the ultimate statement of what Tim Cook has added," said Gene Munster, a senior research analyst at Piper Jaffray.


"The general public was unsure how to grade his performance, because you're comparing him to Steve Jobs, but when you look at it in that context, I think this has answered the question 'What is Tim Cook's legacy?' As CEO he's doubled the stock off of what was already a huge run," Munster said.

Part of Apple's recent success can be attributed to the iPhone 6 and iPhone 6 Plus, which have been selling very well. Some investors even think Apple's market valuation can reach $1 trillion, a figure that would require Apple's stock to rise another 43% to $171.

via CNBC