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Apple shares hit $700 after hours

iPhone 5 pre-order news gives company a stock market boost

The release of the iPhone 5 has helped Apple into an exclusive club of companies who have traded at over $700 per share.

Apple opened at a record high when trading started in the US yesterday, and hit $701.70 after hours. It currently stands at $699.78 per share, with a market cap of $655.98 billion.

Apple's announcement that it had sold 2 million iPhone 5 pre-orders in the first 24 hours of availability won't have hurt the share price. The new device, which costs over 500 for the basic model, is set to go on sale on September 24.

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