Written by Brenda Nakalema

Apple stock gains but still fails to hit $ 3 trillion market cap

Apple experienced a five-day winning streak which had many investors excited about the possibility of hitting the elusive $ 3 …

Apple experienced a five-day winning streak which had many investors excited about the possibility of hitting the elusive $ 3 trillion market cap. On Monday, the shares closed at their 24th record high for the year.

On Tuesday, shares of Apple (Ticker: AAPL) were up 0.5%, hitting $ 181.23. The stock dropped slightly when the market opened but quickly gained to its current position. Apple’s intraday high for the year is $182.13, a level it reached in early December.

Apple has always been known for blazing its own trail and being a company of “firsts”, pretty soon it will add yet another record to its list of impressive accomplishments; being the first publicly-traded company valued at $ 3 trillion. On Monday, the stock gained 2.3%, setting a record high, and has risen 35.9% this year. Despite this spectacular performance, the $ 3trillion mark still eludes the company as it ended the session with a market capitalization of $2.9 trillion.

The first time Apple’s market value crossed the $ 1 trillion threshold was in August 2018, and it passed the $2 trillion mark in August 2020.

The S&P 500 has gained 27.6% this year, and the Nasdaq has risen a comparable 23.1%.

It is expected that the Apple stock will rally even further next year as the tech giant continues its foray into different business segments and releases new products, such as virtual/ augmented reality headsets.

The company has also greatly benefited from the robust demand for its new iPhone 13 and other older models. Other sources of revenue such as its subscription services like Apple Music, Apple TV+ iCloud and of course, its very popular App store have made significant contributions to the company’s bottom line.

In its latest quarter ended September, Apple reported a nearly 30% increase in sales amounting to more than $83 billion with cash reported at $191billion.

As impressive as this performance is, Apple will not be the only member of the highly exclusive club. Google owner Alphabet’s (Ticker: GOOGL) currently hold a market value of $2 trillion, and Microsoft (Ticker: MSFT), with a valuation of about $2.6 trillion, isn’t far behind the leader. Of course, one cannot talk about the giants without including the names Amazon (Ticker: AMZN) with a market capitalization of $1.7 trillion, and Tesla (Ticker: TSLA) trailing with a valuation of $ 1 trillion.

Like other companies still battling the effects of the pandemic, the company announced that it would close its New York City stores to shoppers following the spike in Covid-19 cases. The stores were only opened for pick-ups, meaning customers could buy products online and then pick them up at the store.