US stocks hit high as Apple tops $800bn

STOCK markets in the United States set fresh records last night as Apple continued its march towards becoming a $1trillion company.

The S&P 500 and the Nasdaq hit highs following a spate of upbeat corporate earnings and Emmanuel Macron’s victory over Marine Le Pen in the French presidential election.

Apple shares rose above $154 for the first time in early trading – valuing the technology giant at over $800bn or £620bn.

The gains on Wall Street were echoed around the world with the FTSE 100 index up 41.35 points to 7342.21 and shares also on the rise in Paris, Frankfurt and Milan.

But with the Vix – Wall Street’s ‘fear gauge’ – at its lowest level in more than a decade, analysts warned against investor complacency.

‘In the short term, investors can enjoy this run, but they should start to hedge their positions and look for safety,’ said Christian Magoon, chief executive at Chicago trading firm Amplify ETFs, adding that markets were surprisingly steady given world events.

Apple shares are up 33pc so far this year, making it the world’s most valuable stock market-listed company.

But despite the rise, Brian White, an analyst at American investment bank Drexel Hamilton, slapped a $202 a share valuation on the company, which would make it worth more than $1trillion. Stock markets around the world have risen strongly since the election of Donald Trump on hopes that his plans to cut taxes and increase investment in infrastructure will boost the American economy.

The defeat in France of Le Pen, who pledged to ditch the euro, has eased investor concerns about further upheaval of the European Union following the Brexit vote in Britain.