Why Apple (AAPL) Stock Set Record Closing Price Today

NEW YORK (TheStreet) -- Apple  (AAPL) set a new record closing price of $100.56 on Tuesday to beat its previous high of $100.30 in Sept. 2012.

Apple hit a closing high of $702.10 in Sept. 2012, which is the equivalent of $100.30 after accounting for the 7-for-1 stock split the company completed in June, according to The Wall Street Journal.

The tech giant narrowly missed its intraday high of $100.72 on Sept. 21, 2012 with an intraday high of $100.68 on Tuesday. The intraday high was $705.07 on Sept. 21, 2012, which is the equivalent of $100.72 in today's split-adjusted terms.

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The stock rose thanks in part to Morgan Stanley, which advised investors to add to their positions in the stock ahead of the release of the iPhone 6 and the long-rumored iWatch. 

RBC Capital forecast Monday that Apple would sell 10 million iPhone 6 units in its first weekend. This would mark a company record, as the previous iPhone version sold 9 million units in its first weekend last year. The firm increased its end-of-year iPhone 6 sales estimates to a high of 75 million from a previous estimate of 56 million units.

Apple also received a patent Tuesday that could remove a roadblock to the iWatch. The U.S. Patent and Trademark Office published 48 newly-granted Apple patents, one of which is for a curved touch screen display that would likely be used for a smartwatch, a fitness band or another wearable product. No current Apple products use such a display.

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