Apple becomes first firm worth over $700b

Apple became the first company to reach a market value of $700 billion on Tuesday as shares vaulted amid upbeat news on the US tech giant's gains in the smartphone market and soon-to-arrive smartwatch.

Shares rose 1.9 percent to close at $122.02, lifting Apple's market value to $710 billion, and making it the first company to hit the $700 billion milestone.

Apple Chief Executive Tim Cook, speaking at the Goldman Sachs Technology & Internet Conference, said Apple was hitting its stride.