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Consumer

Apple Stock Soars To Over $700 For 1st Time On iPhone 5 Sales

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The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco. (Justin Sullivan/Getty Images)

The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco. (Justin Sullivan/Getty Images)

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CUPERTINO (CBS/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.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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