Wall Street cheers iPhone 5, Apple closes at record high

The Street's love affair with Apple continues, as investors bid the stock up -- again.

Apple CEO Tim Cook

Never mind the naysayers who are complaining that the iPhone 5 lacks this or that feature. Wall Street couldn't care less.

Investors bid up shares of Apple almost another 2 percent today, pushing the stock to close at a record high of $682.98. That's a 3.3 percent climb in two trading sessions.

After yesterday's iPhone 5 event, a number of already giddy analysts rushed to up their sales estimates and raise their target prices for the stock as it inches its ways towards the $700 mark. One analyst even predicted Apple could top $1,600 a share in three years.

To be fair, today's Apple rally wasn't entirely pinned to the prospects of booming iPhone sales and profits. The entire market rose after the Federal Reserve unveiled a long-awaited package of steps to spur economic growth.

About the author

Paul Sloan is editor in chief of CNET News. Before joining CNET, he had been a San Francisco-based correspondent for Fortune magazine, an editor at large for Business 2.0 magazine, and a senior producer for CNN. When his fingers aren't on a keyboard, they're usually on a guitar. Email him here.

 

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