Apple jumps 5% as it races to $1 trillion market cap

Apple shares are jumping Wednesday after a strong fiscal third-quarter report, trading more than 5 percent higher and inching the stock toward a $1 trillion market value.

The stock hit the $200 mark in midmorning trading after opening at $199.13. Shareholders had previously been looking for a price of $203.45 to make Apple the first publicly traded U.S. company worth $1 trillion — though the tech giant is expected to announce an adjusted outstanding share count later Wednesday that is likely to move the threshold.