Apple gets iPhone 5 boost as shares hit $700 during after hours trading

Apple stock has past $700 per share following a record day for iPhone 5 sales.

Apple's stock valuation adds to a successful year for the MacBook maker. The company saw record iPhone pre-orders for the iPhone 5 and spent much of the summer with its stock price rising steadily.

After hours trading saw Apple stock reach as high as $701.20. The all-time high value brings Apple's market cap to $656bn. Apple's striking success on Wall Street comes on the back of the iPhone 5's major sales triumph.

Apple iPhone fever gripped investors last month as consumers anxiously awaited word on the release of the new iPhone 5. The buzz around Apple's latest smartphone led the company's to a $650 per share price point late last month.

When Apple finally officially announced the iPhone 5, the smartphone's record sales pushed company stock past the $700 a share mark.

Apple's Wall Street success has seen accelerated over the past two years. The company was worth $300bn to start off 2011. Following the release of the iPhone 4S and iPad 2 later that year Apple's portfolio grew by $170bn.

The company's successful run on Wall Street has Apple entering the elite $700 share club. Apple's worth now sees it joining the exclusive club that includes the likes of its smartphone competitor Google

Google also passed $700 per share this month. The company's mobile and search platforms allowed it to hit the mark for the second time. The technology giant last surpassed $700 per share in 2007.