Apple Becomes First U.S. Company to Top $800 Billion Market Cap

(Reuters) — Apple Inc (AAPL.O) became the first U.S. company to top the $800 billion mark in market capitalization on Tuesday, slightly more than two years after it crossed the $700 billion threshold.

The iPhone maker’s shares have gained 33 percent this year and almost 50 percent since the U.S. election in November. The company represents about 4 percent of the $21.7 trillion that makes up the entire S&P 500 .SPX index.

Apple accounted for as much as 4.9 percent of the S&P 500 in September 2012 but is a smaller percentage now as the index as a whole has rallied more than 7 percent this year.

“It’s just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock.

Read the rest of the story at Reuters.