Heavy iPhone 5 demand sends Apple stock soaring to $700 for first time ever

Apple Stock Record High

Shares of Apple (AAPL) stock climbed above $700 for the first time ever just after the close of Monday’s trading session. The stock opened up more than $8 above Friday’s close on news that Apple had sold more than 2 million iPhone 5 handsets during the device’s first 24 hours of pre-sales availability, and it then climbed past $700 during after-hours trading just minutes after the stock closed at a record-high $699.80 on Monday. Apple sold about 1 million iPhone 4S smartphones during the same period last year. Preorders for the iPhone 5 went live at 3:01 a.m. EDT on Friday and Apple’s launch-day inventory was sold out in less than an hour. Apple’s iPhone 5 launches on September 21st and sales are expected to reach between 5 and 6 million units during the handset’s launch weekend, including preorders.

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