Apple Soars Past $600 Billion Market Cap

Apple’s steady march to a $1 trillion valuation continued Friday as the company’s stock hit a new all-time high.

Apple shares rose 1.85 percent today to close at $648.11 and carrying the company’s market capitalization past $607 billion. An astonishing rally for a stock that has already gained about 57 percent this year. Driving it: The looming launch of the next-generation iPhone and rumors of an iPad mini hitting the market in time for the holidays.

Given this kind of performance, it seems increasingly plausible that Apple really is headed for a $1 trillion market cap. As I’ve noted here before, Apple will become the world’s first trillion-dollar company when its share price hits about $1,072.