Apple shares hit record $120

Apple reached a new milestone on Friday, as shares set a new record high by breaking through the $120 mark.

Shares in the iPhone maker rose by as much as 0.9% in the first two hours of trading in New York to $120, surpassing the previous intraday high of $119.40 reached last November.

On Tuesday, Apple surprised Wall Street with earnings well above expectations, as fourth quarter net profit grew 37% year-on-year to $18bn, the biggest quarterly profits reported any public company in history.