FX.co ★ Apple’s stock hit by COVID-19

The COVID-19 pandemic has already made a devastating impact on the global economy. One of the corporations which have fallen prey to the coronavirus is Apple Inc.

According to Nasdaq's official listing, the market capitalization of the iPhone maker sank below $1 trillion at the close of markets on March 23. The same was last recorded in October 2019.

Last year, Apple’s market value reached $1 trillion. However, since early 2020 the company’s shares have tumbled 25% amid the coronavirus pandemic which is to blame for a sharp contraction of business and manufacturing activity in the world. Apple Inc. was forced to close its retail stores beyond China from March 14 for two weeks. This decision was taken with a view to containing the fast-spreading COVID-19.

On Monday, March 23, Apple’s stock sank to $212.65 per share. At present, the market capitalization of the world’s leading manufacturer of consumer electronics is assessed at nearly $930 billion.