Apple sets record for company value at $624B

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(AP)

NEW YORK — Apple is Wall Street’s all-time MVP — that’s Most Valuable Property.

On Monday, Apple’s surging stock propelled the company’s value to $624 billion, the world’s highest, ever. It beat the record for market capitalization set by Microsoft Corp. in the heady days of the Internet boom.

After a four-month dip, Apple’s stock has hit new highs recently because of optimism around what is believed to be the impending launch of the iPhone 5, and possibly a smaller, cheaper iPad.

Apple Inc. has been the world’s most valuable company since the end of last year. It’s now worth 54 percent more than No. 2 Exxon Mobil Corp.

Apple’s stock closed at $665.15. That was an all-time high, up $17.04, or 2.6 percent, from Friday’s close.

Microsoft’s 1999 peak was $620.58 billion, according to Standard & Poor’s.

Source: The Associated Press