NEW YORK, N.Y. - Apple's stock closed above $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.

Shares closed at $701.91 Tuesday, up $2.13 from Monday's close. They rose as high as $702.33 in afternoon trading Tuesday.

The rally in Apple's stock price puts the company's market value at $658 billion.

The $700 mark is somewhat of an arbitrary milestone for Apple's stock, representing little more than a nice round number and a record high trading level.

The company, after all, already enjoys the distinction as the world's most valuable public company ever, at least if one ignores inflation. Google Inc., its Silicon Valley neighbour, saw its stock price surpass $700 in 2007. On Tuesday, Google's stock was trading at $712.28. But the online search leader's market capitalization is well below Apple's at $236.4 billion.

Apple started taking orders for the iPhone 5 at 3 a.m. EDT (0700 GMT) Friday. Orders during the first 24 hours more than doubled what Apple had for its predecessor, the iPhone 4S, over the same period last October.

"This was despite somewhat lukewarm reviews and some claiming it had 'lack of a wow factor,' Sterne Agee analyst Shaw Wu said in a note to investors."We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle."

Wu estimates that Apple will likely ship 27 million iPhones in the current quarter. That's up from his earlier estimate of 26 million.

Apple said on Monday that while most orders will be delivered this Friday, when the phone goes on sale in stores in the U.S. and eight other countries, demand for the iPhone 5 exceeds the initial supply. That means some of the devices will be delivered in October.

Buyers who have a two-year service agreement with AT&T, Sprint or Verizon Wireless are able to order the phone for $199 (16 gigabyte model), $299 (32 GB) or $399 (64 GB).

The iPhone 5 represents the first major revision of the iPhone's screen size since the first model was introduced in 2007. The new iPhone has an elongated screen, at 4 inches (10 centimetres) measured diagonally. That allows room for another row of icons and lets widescreen movies fit better. Earlier models had 3.5-inch (8.9-centimetre) screens. The new phone is also thinner and weighs less than previous versions. It can operate on LTE cellular networks and sports a new processor and updated software.

Apple share have risen 86 per cent since Oct. 5, when CEO Steve Jobs died.

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  • It Works On 4G LTE Networks

    At last, the iPhone will become a part of the LTE community, which means it will streams videos and downloads content at quicker speeds. <a href="http://www.pcmag.com/article2/0,2817,2409610,00.asp" target="_hplink">According to PC Mag</a>, LTE connectivity for the iPhone will be available through AT&T, Verizon, and Sprint in the United States.

  • It's Slimmer, Taller And Sleeker

    The <a href="http://www.huffingtonpost.com/2011/10/04/new-iphone-4s-unveiled-at-apple-announcement_n_994462.html" target="_hplink">iPhone 4S</a> has a 3.5 inch display (measured diagonally) and weighs approximately 140 grams. The <a href="http://www.huffingtonpost.com/2012/09/12/iphone-5-features_n_1877637.html?utm_hp_ref=apple-september-event" target="_hplink">iPhone 5</a> boats a 4-inch display and, though taller than its predecessor, is 18 percent thinner (measuring 0.3mm) and 20 percent lighter (weighing 3.95 ounces), according to Philip Schiller, Apple's senior VP of worldwide marketing. The Retina display on the iPhone 5 now "offers 326 pixels per inch" and a resolution of 1,136x640, <a href="http://www.pcworld.com/article/262242/apple_announces_iphone_5.html" target="_hplink">according to CNET</a>. The back of the device also looks slightly different than that of the iPhone 4S: "<a href="http://www.apple.com/iphone/design/" target="_hplink">The same [aluminum] used in Apple notebooks</a>" covers much of the back of the iPhone 5. Glass is inlaid above and below the aluminum -- either white "ceramic glass" or black "pigmented glass," depending on which color iPhone you select.

  • It Has Better Camera Features

    The <a href="http://www.huffingtonpost.com/2012/06/21/galaxy-s3-vs-iphone-4s_n_1615824.html" target="_hplink">iPhone 4S</a> had a VGA front-facing camera (which is less than one megapixel) and a eight-megapixel rear-facing camera with LED flash. The iPhone 5 brings some significant improvements to this department. <a href="http://venturebeat.com/2012/09/12/iphone-5-camera/" target="_hplink">According to Venture Beat</a>, Apple claims that the camera will take pictures 40 percent faster and will have the ability shoot in "panorama mode." You'll also be able to take photos while filming video -- there's improved video stabilization, too. But the iPhone 5's main camera will still be <a href="http://www.huffingtonpost.com/2012/09/12/iphone-5-features_n_1877637.html?utm_hp_ref=apple-september-event" target="_hplink">eight megapixels</a>.

  • The Battery Life Is Longer

    Who dosen't want a smartphone with longer battery life? Apple promises the <a href="http://www.huffingtonpost.com/2012/09/12/iphone-5-features_n_1877637.html?utm_hp_ref=apple-september-event" target="_hplink">iPhone 5 </a>will last 225 hours on standby, and eight full hours while talking on the phone or surfing the web through 3G. The <a href="http://www.huffingtonpost.com/2012/06/21/galaxy-s3-vs-iphone-4s_n_1615824.html" target="_hplink">iPhone 4S</a> falls just a bit short of the above estimates, maintaining only 7 hours and 41 minutes of talk time, or 6 hours and 56 minutes of web browsing.

  • Its Innards Are More Powerful

    The <a href="http://www.huffingtonpost.com/2011/10/04/new-iphone-4s-unveiled-at-apple-announcement_n_994462.html" target="_hplink">iPhone 4S</a> was built around Apple's A5 processor, while the <a href="http://www.huffingtonpost.com/2012/09/12/iphone-5-features_n_1877637.html?utm_hp_ref=apple-september-event" target="_hplink">iPhone 5</a> houses a slightly faster A6 processor. Apple claims this upgrade gives its latest device twice the computing power.

  • It Comes With New Accessories

    The iPhone 5 steps away from the classic charger ports that have been in use for Apple products since 2003. Say goodbye to the 30-pin dock and hello to Lighting, a <a href="http://www.huffingtonpost.com/2012/09/12/iphone-connector-iphone-5-dock-charger-lightning_n_1878282.html?utm_hp_ref=technology" target="_hplink">reversible 8-pin connector</a> that's approximately 80 percent smaller than the previous charger port. The new smartphone will also be sold with <a href="http://www.huffingtonpost.com/2012/09/12/earpods-apple-new-earbuds-headphones_n_1878472.html?utm_hp_ref=technology" target="_hplink">EarPods</a>, Apple's latest (and supposedly more comfortable) version of earphones. Without purchasing an iPhone or iPod, these new buds retail for $29.99

  • ...But It's Got A Heaftier Price Tag

    The iPhone 5 is priced on the same scale that the iPhone 4S was when it launched. Purchasing a two-year data contract from a participating wireless carrier will set iPhone 5 buyers back $199 for a 16GB model, $299 for a 32GB model or $399 for a 64GB model. Now that the iPhone 5 is official, the iPhone 4S is getting an attractive price cut. Apple will now sell the 16GB iPhone 4S for $99.


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  • An Associated Press reporter holds the Apple EarPods during a product review in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Apple EarPods are shown during a product review in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • The new Apple iPhone 5 is displayed Wednesday Sept. 12, 2012 following the introduction of new products in San Francisco. The iPhone 5 is a blend of beauty, utility and versatility. (AP Photo/Eric Risberg)

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: 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, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: 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, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • The iPhone 5 is shown during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple CEO Tim Cook speaks during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks about camera quality of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Tim Cook

    Apple CEO Tim Cook talks on stage during the introduction of the new iPhone 5 in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, gives prices of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Foo Fighters perform during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity options during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Greg Joswiak

    CORRECTS ID TO GREG JOSWIAK, NOT EDDY CUE - Greg Joswiak, Apple’s vice president of Hardware Product Marketing, speaks about EarPods during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Foo Fighters perform during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, gives release dates of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about the introduction of a new operating system during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity options during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity features during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, talks about the features of the new camera and iSight during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks about camera quality of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks in front of an image of an iPad during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Apple iPhone

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)