Apple sets record with $1 trillion valuation

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Apple the culture-changing company behind the iPod, iPhone and iPad — hit another milestone on Thursday, becoming the first private-sector company to surpass $1 trillion in market value.

Shares of Apple hit $207.66 in afternoon trading on Wall Street, allowing it to surpass the magic number two days after the California tech giant reported strong quarterly earnings.

The landmark is the latest victory for Tim Cook, who faced scepticism when he took over as chief executive in 2011 from ailing iconic co-founder Steve Jobs.

Jobs, who founded Apple in a Silicon Valley garage in 1976 with Steve Wozniak and built it into a global powerhouse, died in October 2011.

Source: Bloomberg