This Day In Market History: Apple Introduces The iPhone

Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened

On this day in 2007, Apple Inc. AAPL unveiled the first iPhone after two and a half years of hushed development.

Where Was The Market

The S&P 500 closed at 1,412.11, while the Dow Jones Industrial Average closed at 12,416.60.

What Else Was Going On In The World

Beyonce’s “Irreplaceable” topped Billboard charts and iPod playlists, and “The Departed” was getting ready to take the Academy Awards’ Best Picture.

The Way We Chat Is Changed Forever

Priced as high as $599, the first iPhone allowed users to play music, browse the internet and send email, all while retaining the basic call and text functions of clunky competitors. It linked wirelessly to speakers, had a smooth, keyboardless surface and boasted a 2-megapixel camera.

At the time, it competed with the likes of Motorola’s Q, Research in Motion Ltd.’s BlackBerry Pearl and Palm Inc.’s Treo 750.

Apple’s stock peaked 8.3% on the reveal, while competitors RIM and Palm, the latter of which became BlackBerry Ltd BB and the former subsumed by Hewlett Packard Enterprise Co HPE, plunged 7.9% and 5.7%, respectively.

Since the release, Apple has risen from a $12 stock to a $300 stock.

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