Apple rings up the right numbers as it hits $500bn

Apple’s market value yesterday was hovering just above $500 billion (£315bn) – territory inhabited by only a handful of US firms in the past.

The computer giant was already the world’s most valuable company.

The gap between it and number two Exxon Mobil has widened rapidly in the past month, as investors have digested Apple’s news of bumper festive sales of iPhones and iPads. The company’s market capitalisation was about $506bn at the market close on Wednesday night. It dipped below those highs in early trading yesterday in New York before staging a recovery.

Exxon was worth just over $500bn for two short stretches at the end of 2007. Apple arch-rival Microsoft was worth a little over $500bn briefly at the end of 1999, and again in early 2000. It even shot up above $600bn for one day.