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iPhone 5 Soaring Pre-Sales Lift Apple Stock

Apple(NEW YORK) -- Just how high can Apple go? Thanks to even bigger than expected pre-sales for the iPhone 5, Apple’s share price briefly rose to over $700 before closing at $699.78 on the Nasdaq market.

The bounce came after the company announced record first-day orders for the iPhone 5, more than twice as many presales as the 4S got.

Last year Apple became the world’s most highly valued company, zooming past oil giant Exxon. Its stock has gained 73 percent in value this year.

The iPhone 5 goes on sale in Apple stores on Friday morning. Some analysts estimate 6 million smart phones may be sold in the first weekend.

Copyright 2012 ABC News Radio

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