Apple briefly crosses $700 billion market cap following strong US GDP report

Apple’s stocks rose 0.7 percent to $119.44 on Tuesday, which pushed the tech giant’s market cap above $700 billion for the first time, the largest on Wall Street. Apple closed down 0.9 percent at $117.60, ranking as the largest points weight on the S&P 500. The second-largest publicly-traded U.S. company, Exxon, has a market cap just above $400 billion. The U.S. economy rose more than expected last quarter but soft readings on consumer confidence and house prices kept major indexes in a tight range near the unchanged level. Third-quarter economic growth came in much stronger than expected but other data showing consumer confidence sliding to a five-month low and a further moderation in house price gains put a lid on the market’s initial advance. The moves were not showing much conviction and volume was expected to be low as the Thanksgiving holiday approached. US markets will be closed on Thursday, while Friday will be a half-day session on Wall Street. “I do expect lower volumes and the market moving sideways,” said James Liu, global market strategist for J.P. Morgan Funds. He said a major market catalyst will be the Federal Reserve meeting in mid-December. The Fed could effectively commit to a more prompt interest rate rise if it adjusts the language in its policy statement. With inputs from Reuters