A major market milestone has been reached on Wall Street. Tech giant Apple, following a 70% share-price surge this year, has eclipsed the value of the entire US energy sector, says Robin Wigglesworth on ft.com.
Apple now boasts a market capitalisation of almost $1.2trn, while the S&P 500 Energy index stands at $1.12trn.
Oil prices have been hampered by signs of slowing global demand, while Apple has shrugged off fears that trade tensions would dent sales and profits thanks to a strong performance from its wearables division: Apple Watches and Airpods helped give revenue an unexpected fillip in the third quarter.
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Apple has regained its position as America's most valuable listed company from Microsoft, worth $1.16trn.
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