Apple stock tops $700 for the first time.

Apple Stock Tops $700 For First Time

Apple Stock Tops $700 For First Time

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Sept. 18 2012 11:45 AM

Apple Stock Tops $700 For First Time

Customers line up outside the Apple store on 5th Avenue awaiting the arrival of the new iPhone

Photo by Don Emmert/AFP/GettyImages.

Apple's stock topped $700 a share for the first time Tuesday morning, one day after the tech giant announced that it had sold about 2 million new iPhone 5s in 24 hours. The rise in share price means the company's market value now sits at about $656 billion.

The Associated Press with the context:

"The $700 mark is somewhat of an arbitrary milestone for Apple's stock, representing little more than a nice round number and a record high trading level. The company, after all, already enjoys the distinction as the world's most valuable public company ever, at least if one ignores inflation. Google Inc., its Silicon Valley neighbor, saw its stock price surpass $700 in 2007. On Tuesday, Google's stock was trading at $715.24. But the online search leader's market capitalization is well below Apple's at $234.1 billion."

Slate's Matthew Yglesias, meanwhile, explains why the latest incarnation of the iPhone is doing so well: In short, it's because the device is boring.

Josh Voorhees is a Slate senior writer. He lives in Iowa City.