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Apple shares close above $701 a share

Apple CEO Tim Cook speaks following an introductinew iPhone 5 San Francisco Wednesday Sept. 12 2012.  (AP Photo/Eric Risberg)

Apple CEO Tim Cook speaks following an introduction of the new iPhone 5 in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Eric Risberg)

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Updated: October 20, 2012 6:12AM

NEW YORK — Apple’s stock reached $700 for the first time Tuesday and closed at $701.91, 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 gained $2.13, or 0.3 percent, Tuesday over Monday’s close.

The rally in its stock price puts its value at $657.9 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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