iPhone 5 Release Date Excitement Sees Apple’s Shares at All-Time High

By CP News Briefs, Monday, September 19, 2011

Shareholders in Apple Inc. are celebrating after the company closed at an all-time high on Monday, which came even with a wider sell-off taking place in the markets.

Apple’s shares rose an impressive 2.78 percent and closed at $411.63 per share. The Dow Jones Industrial Average however closed down 0.94 percent.

Other markets also suffered as the Nasdaq declined 0.36 percent and the S&P 500 index slipped by 0.98 percent.

The latest developments mean that Apple has pulled away as the largest company in the world, since taking the crown in recent weeks from Exxon-Mobil. Apple now boasts a market cap of $381.7 billion while Exxon-Mobil stands at $358.6 billion.

Apple’s rise over recent months has been steady and dramatic, with the company’s shares rising 30 percent over the past three months. The climb was not even hindered by the announcement of Steve Jobs stepping down as chief executive; shares have risen 10 percent since that statement.

Commentators are suggesting the dramatic climb has been fueled by building excitement and continued rumors surrounding the imminent release of Apple’s next generate smartphone, the iPhone 5. It is believed that the phone’s release will see an unprecedented demand.