Apple Stock Hits $700 For First Time, Company Valued Astronomically High

Apple stock jumped over the $700 mark on Tuesday, marking the first time in company history that its stock price has passed that milestone. At the end of morning trading Apple shares reached $701.44, a quarter of a percent higher than the close of trading on Monday.

Under current stock pricing Apple now carries a market valuation of $656 billion, a valuation higher than any publicly traded company in history.

Apple’s gigantic stock valuation jumped through the roof on Tuesday after the company announced that it had sold 2 million iPhone 5 smartphones during the first 24 hours of pre-ordering.

Shares at the company could skyrocket even further based on the successes of the iPhone 5 and the upcoming iPad mini which apple is expected to officially announce and release in October 2012. The iPhone 5 officially goes on sale online and in stores on Friday September 21.

Some analysts have predicted that Apple could sell upwards of 56 million iPhone 5 units by the end of the year and potentially 250 million units by the end of the smartphones sales cycle.

Apple is also reinventing its MacBook and iMac systems and has promised an Apple TV in the future.

From phones and computers to TVs and music players Apple continues to wow investors and customers with wildly successful sales numbers.

Do you think Apple will become the first company in the world to be valued at $1 trillion or will it fall because of its own successes as many behemoths have fallen in the past?