NEW YORK – An intensifying trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, but a rise in Apple shares took its valuation above a record $1 trillion and helped major U.S. indexes close in positive territory.
In midday trading, Apple Inc became the first publicly traded company with a market capitalization exceeding $1 trillion. That led a rebound in technology stocks that helped key U.S. indexes pare earlier losses to turn positive.
“They get the blue ribbon,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “If you look at a trillion dollars, that’s about 5 percent of the U.S. economy. On the other hand, if you look at the stock relative to the market its (price-to-earnings ratio) is less, it still has a decent growth rate.”