Apple Becomes First U.S. Company to Be Worth Over $700B

Exxon Mobil Corp. is second with a market cap of about $385 billion. Microsoft has a market cap of $349 billion.

Apple- $710 Billion

Fox Business
Apple Inc. (AAPL) shares closed Tuesday at $122.02, giving the maker of iPhones and iPads a market value of more than $700 billion--the first U.S. company to close above that mark.

The Cupertino, Calif., company had crossed the $700 billion mark in November and last week but had not closed at that level. Tuesday's close valued Apple at $710.7 billion.

Market value is a commonly used term among investors to measure how much a company is worth. It is determined by multiplying the company's shares outstanding by its stock price. Apple's market value--or market capitalization, as it is also known as--is based on the company's 5.82 billion shares outstanding

Apple's mark comes nearly two weeks after the company reported earnings of $18 billion on revenue of $74.6 billion during the holiday quarter.