Phil Schiller, Apple's senior vice president of worldwide marketing, watches on stage the unveiling of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)
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Updated: Tuesday, 18 Sep 2012, 10:30 AM EDT
Published : Tuesday, 18 Sep 2012, 10:17 AM EDT
NEW YORK (AP) — Apple's stock has reached $700 for the first time, setting a record for the company the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.
The shares hit as high as $701.44 in morning trading Tuesday, up a quarter of a percent from Monday's close. It later fell.
The rally in its stock price puts its value at $656 billion, more than any public company has ever been worth, if one ignores inflation.
The Cupertino, Calif., company started taking orders for the iPhone 5 last week. Apple now says that while most orders will be delivered on Friday, demand for the iPhone 5 exceeds the initial supply. That means some of the devices will be delivered in October.
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