The stock market is showing signs of life, with the Dow closing up more than 300 points after an opening session that had seen investors sell their stocks.
But as stocks have rallied, some are now warning investors that Apple’s market cap could soon surpass the $2.7 trillion mark, according to a Wall Street Journal report.
Apple stock has risen more than 80% since the end of November, with shares up nearly 60% this year.
The tech giant’s stock has nearly tripled since its market cap was $1.4 trillion in 2014.
“The markets are looking for growth right now, and Apple has been in the midst of that,” said Jefferies analyst Patrick Ward.
“They have been able to get a lot of their growth going on their own through the iPhone.”
The Dow Jones Industrial Average (DJIA) is a reference to the Dow Jones industrial average index, which measures the performance of the Dow and is generally a better measure of market sentiment than the S&P 500 (SPX).
The Dow Jones is a better indicator of market activity than the Nasdaq Composite Index, which is also tracked by the NasDAQ.
Apple has grown so much that it now ranks among the top 10 technology stocks in terms of market cap and market value, according a Morningstar analysis.
Apple shares are up more by about 9% this morning as investors have sold off stocks that had fallen in value as the market approached a record high.
The biggest loser is Microsoft, whose shares have fallen more than 90% since November as the company has struggled to stay relevant in a crowded market.
Microsoft shares have climbed more than 100% since its high of $164.35 on April 25, when it sold $1 billion worth of stock to raise money to fund its new Surface tablet.
The shares have since fallen as the price of its stock rose, according.
The Wall Street Standard, a newsletter of the Wall Street Investment Council, estimates that Apple has made about $4.6 billion in sales for the first quarter, bringing its first-quarter revenue to $28.7 billion.
Apple is now worth about $62.3 billion, according the Standard, making it the second-largest tech company in the world.
Wall Street’s estimate of Apple’s stock market value is $2,721.5 billion.