Apple sets US record with market value above $700 billion

SAN FRANCISCO (AP) — Apple has set a record on Wall Street: It's the first U.S. company to be worth more than $700 billion based on the value of its stock at the close of trading Tuesday.

That's almost twice the value of the next biggest company, oil giant Exxon Mobil.

Apple shares rose almost 2 percent Tuesday, closing at $122.02, which gave the company a market value of more than $710 billion. Apple Inc., which has reported record sales and profit in recent quarters, has crossed the $700 billion line before in the course of daily trading. But Tuesday was the first time any U.S. company finished the day above that line.

Exxon Mobil Corp. saw its shares fall by 0.6 percent Tuesday and closed with a value of about $385 billion.