Apple Shares Reach $700

NEW YORK ( TheStreet) -- On back of exceptionally strong iPhone 5 pre-orders, shares of Apple ( AAPL) crested above $700 for the first time ever in after-hours trading on Monday.

The stock was last quoted right at $700, up 1.3%, on late volume of nearly 160,000, according to Nasdaq.com. The shares, which gained 1.2% to close the regular session at $699.78, ran as high as $700.44 -- yet another new all-time high -- earlier in the extended session.

Apple announced record-shattering iPhone 5 pre-order sales earlier this morning, selling more than 2 million iPhone 5s in the first 24 hours of its availability.

Shares of Apple have had a meteoric rise this year, gaining 72.47% year-to-date, as the company continues to roll out new product after new product that the masses clamor for.

The tech giant said Monday demand for the iPhone 5 had exceeded the initial supply, and that while the majority of pre-orders will arrive to customers on Sept. 21, many are now scheduled for delivery in October.

Interested in more on Apple? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

>Contact by Email.

If you liked this article you might like

Shark Tank Star Kevin O'Leary Is Trying to Solve America's Retirement Crisis

Preet Bharara, Formerly Wall Street's Top Cop, Turns to Comedy, Podcasting

The 12 Most Ridiculous Kitchen Appliances You Can Buy From Amazon