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 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

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