At $700 a Share, Is Apple Eating the S&P 500?
On Monday, Apple (AAPL) said pre-orders of the iPhone 5 topped two million in one day. Investors seemed as excited as shoppers lining up outside of Apple stores.
Apple stock crossed the $700 mark Monday evening and kept on rising.
Besides making Apple more valuable, the rise makes it a bigger percentage of the major stock indexes. In April, Apple was "more than 4%" of the S&P 500, according to the Wall Street Journal. When Apple had a $620 billion market value, it made up 4.8% of the S&P 500 and 13% of the Nasdaq Composite index, per the latest Bloomberg Businessweek.
According to a S&P spokeswoman, it's now 4.94% of the S&P 500. It's not eating the index, but 1/20th of the broad market index is a nice, big bite.