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Apple's stock crosses the $700 barrier

The company has had a strong run recently, and is now valued at nearly $655 billion.

Apple CEO Tim Cook has to be happy about the stock price. James Martin/CNET

Apple's stock ended on a high note, crossing $700 mark at the end of day, capping off a strong run over the summer.

Its share price closed up 1.2 percent to $699.78. In after-hours trading, it hovered above $700 for a few minutes. It last traded at $699.80.

Apple gave investors another reason to cheer today when it said the pre-orders for the iPhone 5 topped 2 million in the first 24 hours, more than doubling the 1 million iPhone 4S pre-orders from nearly a year ago. AT&T chimed in to say it saw record pre-orders over the weekend, while Sprint Nextel told CNET that its orders had quickly hit expectations.

The announcement already has some analysts scrambling to raise their estimates for iPhone sales.

While the $700 mark is a significant psychological benchmark, it doesn't mean much to the value of the company, which is measured by its market capitalization. Apple is worth $654.81 billion, and last month set the record for being the most valuable company of all time.

Apple's stock has largely ignored the convention of selling on the news, continuing to rise after the announcement of the iPhone 5. After a brief dip heading into the summer, the stock has had a strong run over the last few months and is up by roughly a third since May.

The stock could also be rising in anticipation of a smaller iPad, which some had expected to be announced last week. Instead, many believe that the company will unveil the so-called iPad Mini next month.