Apple first company to be worth over US$700b

New York

APPLE became the first company to reach a market value of US$700 billion on Tuesday as shares vaulted amid upbeat news on the US tech giant's gains in the smartphone market and soon-to-arrive smartwatch.

Shares rose 1.9 per cent to close at US$122.02, lifting Apple's market value to US$710 billion, and making it the first company to hit the US$700 billion milestone.