CUPERTINO, Calif. ( TheStreet) -- Apple ( AAPL) continued its rise on Tuesday, hitting yet another new all-time high as the iPhone maker's market cap crested above $600 billion for the first time. The tech giant's stock struck a new peak of $644 shortly after market open, before retreating slightly to $642.23 and a market cap of $598.8 billion. CNBCreports that Apple's market cap reached a $600 billion market cap when its stock hit $643.53.
Tim Cook, Apple's CEO
Apple shrugged off a rare analyst downgrade on Monday to hit an all-time high, which it exceeded on Tuesday. The tech giant's stock has risen more than 58% this year, easily outpacing the Nasdaq's gain of 16.65%. The Cupertino, Calif.-based firm is expected to release its fiscal second-quarter results on April 24. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.