– The Associated Press

NEW YORK — Apple’s stock reached $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.

The stock traded as high as $701.44 in the morning, up a quarter of a percent from Monday’s close. It later fell slightly. It had come within 20 cents of $700 on Monday. The rally in Apple’s stock price puts the company’s market value at $656 billion.

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.