Thanks to iPhone 5, Apple Stock Hits Record High Of $700 Per Share

Apple Inc booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant’s new smartphone and setting it up for a strong holiday quarter.

Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 percent in the past 3-1/2 months in the build-up to the launch of the iPhone 5.