NEW YORK — Apple's stock closed above $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours. Shares closed at $701.91 Tuesday, up $2.13 from Monday's close. The rally in Apple's stock price puts the company's market value at $658 billion.

NEW YORK — Apple's stock closed above $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours. Shares closed at $701.91 Tuesday, up $2.13 from Monday's close. The rally in Apple's stock price puts the company's market value at $658 billion.

The $700 mark is somewhat of an arbitrary milestone for Apple, representing little more than a record high trading level. The company, already enjoys the distinction as the world's most valuable public company ever, at least if one ignores inflation.

Google's stock price surpassed $700 in 2007. On Tuesday, Google's stock was trading at $712.28. But the online search leader's market capitalization is well below Apple's at $236.4 billion.