Apple shares close over $630 for the 1st time

Apple shares surged past US$500 (S$627.9) for the first time on Wall Street on Monday, powered by reports a new iPad may be unveiled next month. -- PHOTO: REUTERS

NEW YORK (AFP) - Apple shares surged past US$500 (S$627.9) for the first time on Wall Street on Monday, powered by reports a new iPad may be unveiled next month.

Apple shares gained 1.86 per cent during the day to close at US$502.60 after hitting a record US$503.83 shortly after the opening bell.

Apple shares passed US$400 on July 26 and the California gadget-maker has displaced oil giant ExxonMobil to become the largest US company in terms of market value.

The Dow Jones-owned technology blog All Things Digital, citing unnamed sources, reported last week that Apple will unveil a new version of its market-leading iPad at an event in San Francisco in March.