Apple Shares Hit $700 for First Time

Apple's stock has reached $700 for the first time, once again 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 hit as high as $701.44 in morning trading today, up a quarter of a percent from yesterday's close, but later fell. The rally in its stock price puts Apple's value at $656 billion, more than any public company has ever been worth, if one ignores inflation. (More Apple stories.)