Apple becomes first US company to be worth $2 trillion

Apple has become the first US company to be worth two trillion dollars as shares of the iPhone maker have risen nearly 60% this year.The tech giant overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

Apple recently reported earnings for the April-June quarter that were much higher than it had expected.

The new App Library in iOS 14. Credit: Apple

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly dominating the market.

Just five companies - Apple, Microsoft, Amazon, Facebook and Google’s parent company - account for nearly 23% of the S&P 500’s entire value.

Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019.

The Saudi energy producer's shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.