Apple Keeps Up Momentum, Hits New High

Updated from 11:40 a.m. ET for latest new high and closing price.

CUPERTINO, Calif. ( TheStreet) -- Apple ( AAPL) shares continued their upward trajectory on Tuesday, hitting a new intraday high of $422.86.

Hot on the heels of Monday's surge, investors continued to swarm around Apple's stock on Tuesday, pushing the shares to new peaks. The iPhone maker's stock had reached a new 52-week high of $422 during morning trading then saw some choppy trading before reaching $422.86 later in the session.
Apple's stock hit a new high on Tuesday.

With the next-generation iPhone on deck, and investors clearly warming to the company's new CEO Tim Cook, Apple's shares are outpacing the tech sector.

After hitting the $422.86 high, Apple shares retreated in the final hour of trading to close at $413.45, although this finish was still up 0.44% from Monday's close at $411.63.

Based on Tuesday's close, Apple has a record high market cap of $383.31 billion, more than that of Exxon Mobil ( XOM).

The Nasdaq Composite ended the day down 0.86%. The Nasdaq 100 was down 0.56%. Apple has a 12.3% weighting in the Nasdaq 100 after a rebalancing in May. Prior to that, the stock accounted for more than 20% of the index.

-- Written by James Rogers in New York.

>To follow the writer on Twitter, go to http://twitter.com/jamesjrogers.

>To submit a news tip, send an email to: tips@thestreet.com.