Microsoft Corp.’s market capitalization briefly topped the $700 billion mark in intraday trade, before the stock pulled back, making the software giant the third S&P 500 member to crack that milestone. The stock rose as much as 1.3% to an all-time intraday high of $90.79 soon after the open, which based on 7.715 billion shares outstanding as of Oct. 20, according to recent SEC filings, gave Microsoft a market cap of $700.41 billion. The stock was last up 1.1% at $90.55, giving Microsoft a market cap of $698.56 billion. The only other companies to be above the $700 billion market-cap mark are Apple Inc. , currently at $912.41 billion, and Google parent Alphabet Inc. , which is valued at $792.9 billion. In fourth behind Microsoft is Amazon.com Inc. , at $642.34 billion. Microsoft’s stock has rallied 16.6% over the past three months, while the Nasdaq 100 has gained 11.7% and the Dow Jones Industrial Average has rallied 13.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News