Apple Inc., already the world’s largest company by market capitalization, hit a record intraday value: $700 billion.

Shares of Apple rose to as much as $119.75 at the start of trading in New York Tuesday, giving the company a valuation of more than $702 billion, a milestone that no other U.S. company has ever reached. The stock ended up falling less than 1 percent to $117.60 at the close in New York, putting its market capitalization at $690 billion. That still gave the iPhone maker about 1.7 times the value of the world’s second-biggest company, Exxon Mobil Corp. Exxon, which has lost about $43 billion during the five-month oil rout, has a capitalization of $401 billion.

Confidence in Apple has been growing since the company unveiled larger-screened iPhones in September, followed by slimmer and faster iPads in October. Chief Executive Officer Tim Cook is updating Apple’s core products while also pushing users deeper into the company’s digital world with the introduction of a mobile payment system called Apple Pay and a smartwatch that’s slated for release next year.

“Given Apple’s significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the U.S. market, we believe Apple has opportunity to shine bright this holiday season,” Brian White, an analyst at Cantor Fitzgerald, said Nov. 24 in a note to investors.

Apple has forecast revenue in the current quarter of $63.5 billion to $66.5 billion, compared to $57.6 billion during the October through December period in 2013. (Bloomberg)