Shares of Apple reached a record of $600 briefly today as the market anticipated strong sales of the, which will be .
Shares rose 1.8 percent to reach $600 early this morning but then retreated and closed at $585, giving the company a market valuation of more than $550 billion. This historic move comes one month after Apple stock hit $500. Shares were at $403 the day before Christmas and have been rising steadily for the past three years.
A handful of analysts increased their estimates on Apple's share price this week, citing the company's dominance in the tablet market, along with strength in the smartphone market and growth in desktops and laptops. For example, Piper Jaffray analyst Gene Munster raised his price target on Apple shares to $718 from $670 and now expects the stock to climb above $700.
Fueled by record sales of the iPhone, Apple posted its--earnings of $46.33 billion and profits of $13.06 billion.
All the latest Apple news, featuring developments on the iPhone, iPad, Macbooks, OS X and much more.
Feb 27Samsung tries to out-cool Apple at Oscars
Feb 26A world free of charging cables? It's all up to Apple
Feb 25Apple iPhone 7 Plus fire caught on video
Feb 24iPad Pro 2: Everything we know so far about the next edition of Apple's iconic tablet