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Apple has become the first publicly traded US company with a market capitalization of $1 trillion, capping a decade-long rise with the support of its popular iPhone phones that transformed it from a company specializing in personal computers into a major global company operating in the fields of entertainment and communications.
Apple shares have jumped 2.8 percent, bringing its gains to nearly 9 percent since Tuesday, when the technology company reported better-than-expected financial results in the June quarter and said it would buy back $20 billion in stock.
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Apple, which started in the garage of co-founder Steve Jobs in 1976, has increased its revenue to outpace the economic output of Portugal, New Zealand and other countries.
Apple’s stock has jumped more than 50,000 percent since its initial public offering in 1980, while the S&P 500 has risen nearly 2,000 percent over the same period.