“Apple’s stock reached $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,” Barbara Ortutay reports for The Associated Press. “The stock traded as high as $701.44 in the morning, up a quarter of a percent from Monday’s close. It later fell slightly. It had come within 20 cents of $700 on Monday.”

“The rally in Apple’s stock price puts the company’s market value at $656 billion,” Ortutay reports. “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…”

Ortutay reports, “Apple share have risen 87 percent since Oct. 5, when CEO Steve Jobs died.”

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MacDailyNews Take: As with everything else, we wish Steve was here to see it. We miss you, Steve!