Apple hits record market valuation

Apple Inc has hit a record valuation of over $US700 billion ($A757 billion).

The world’s most valuable company, as measured by market capitalization, hit the $US500 billion club in June 2012 and yesterday hit a valuation of more than $US702 billion at the start of trading in New York, a feat no other US company has achieved.

The company rose to $US119.75 at the start of trading and fell 1% to $US117.60 at the close with an end of day market capitalization of $US690 billion. The value puts Apple far ahead of the #2 global ranked company Exxon Mobil ($US403 billion) and #3 Microsoft ($US394 billion).

It’s believed an increased demand for the latest models of iPhone and iPad contributed to the jump, along with Apple CEO Tim Cook’s refreshed focus on digital with the September-introduced mobile payment system called Apple Pay and the impeding release of a smartwatch next year.

“Given Apple’s significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the US market, we believe Apple has opportunity to shine bright this holiday season,” said Cantor Fitzgerald analyst Brian White in a statement to investors.