Customers line up outside the Apple store on 5th Avenue in New York, awaiting… (Don Emmert / AFP/Getty Images )
Bolstered by reports of record iPhone 5 sales, Apple shares surpassed $700 for the first time, passing the mark in after-hours trading Monday.
The Cupertino-based tech company's stock was hovering around $700 after flirting with the milestone throughout the day. The stock closed just 20 cents shy of the mark, driven by a company announcement earlier in the day that it had sold more than 2 million iPhone 5s on the first day of pre-orders.
Apple's market value is now just below $656 billion. Earlier this year, Apple broke Microsoft's 1999 record of $618.9 billion, becoming the most valuable company of all time, not accounting for inflation.
PHOTOS: Apple iPhone 5
The iPhone has driven Apple's value since launching in 2007. The company's stock has grown nearly sixfold since then, and that's made Apple more valuable than the combined gross domestic product of Denmark, Finland and Hungary.
And now the company's stock is set to possibly open above $700 come Tuesday. It may also keep growing as the week continues.
On Wednesday, Apple is set to launch iOS 6, which will bring Siri to the iPad for the first time and give consumers more incentive to buy the tablet.
On Friday, the tech giant is scheduled to start selling the iPhone 5 in physical stores. Some people are already waiting in line, as you can see in the photo above.
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