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