NEW YORK: A rise in Apple shares pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

Apple shares rose nearly one percent in morning trade to $119.75 at 1525 GMT, making its market capitalization some $701.7 billion. The shares were fluctuating in a narrow range later. The maker of the iPhone and iPad is by far the world’s most valuable company by stock market value, well ahead of Exxon Mobil at $403 billion and Microsoft at $394 billion.

Investors and analysts were upbeat on Apple at the start of the holiday shopping season, expecting strong sales during the gift-giving period that kicks off in the US with Thursday’s Thanksgiving holiday.