Apple becomes first U.S. company valued at $700 billion

Apple has become the first U.S. company in history to reach a market valuation of $700 billion after the company’s share price reached a record high on Tuesday.

The Cupertino, U.S.-based company finished the trading day around 2 percent up from the opening price of just over $120 per share. The closing price was the highest they have ever reached, and is just below the intraday high of $122.15, which was also reached on Tuesday.

The company has a market cap of $710.74 billion, which makes Apple worth more than twice the market valuation of Microsoft (at $349.48 billion), and twice that of Google ($365.21 billion).