Shares of Apple Surge Past $500, Hit All-Time High

Apple shares surged past $500 for the first time on Wall Street on Monday, powered by reports that the iconic tech manufacturer might unveil a new iPad next month.

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

Apple shares passed $400 on July 26, and the Cupertino, Calif.-based gadget maker has displaced oil giant ExxonMobil to become the largest U.S. 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.

Apple reported blockbuster quarterly earnings last month with net profit more than doubling to a record $13.06 billion and revenue soaring to an all-time high of $46.33 billion.

Shares of Apple have been rising steadily on the release of a string of hit products starting with the iPod in 2001, followed by the iPhone in 2007 and the iPad in 2010.

Copyright Agence France-Presse, 2012