Apple becomes first US company to reach $3tn valuation

Apple became the first US company to be valued at over $3tn on Monday as the tech company continued its phenomenal share price growth, tripling in value in under four years.

The company released its last quarterly earnings in October and made a profit of $20.6bn over the previous three months despite suffering from Covid-related supply chain issues.

It is unlikely to remain the only $3tn company as analysts expect Microsoft will also hit the mark later this year.

The news came as US markets edged higher and European shares bounded to record highs in the first day of trading in 2022 as investors bet on a steady economic recovery despite the rising number of Covid-19 cases caused by the Omicron variant.

The Stoxx 600 recorded a 22.4% jump last year, its second-best yearly performance in over a decade, after the global rollout of Covid-19 vaccines and government stimulus spending encouraged investors to pour money back into the markets.

In another boost to US markets global oil prices, which last year recorded their biggest annual rise since at least 2016, resumed their rise towards $80 a barrel as fears that emerged late last year over the impact of the Omicron variant waned. The oil price helped shares in US oil majors Chevron and ExxonMobil climb by 1% each.