Apple worth $655B on back of iPhone 5

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CUPERTINO, Calif., Sept. 18 (UPI) -- Stock of U.S. technology giant Apple hit a high above $700 Tuesday, as the world's most valuable company ever adds to its value.

With the iPhone 5 on the market -- and with the company saying it sold more than 2 million of the smart phones on its first day of pre-orders -- Apple is now valued at $655 billion, the Los Angeles Times reported.

Apple became the most valuable company ever, when its valuation reached $623.1 billion on April 20. Its stock was worth $664.74 per share at that point.

The most valuable company previously was Microsoft Corp., which was worth $620.6 billion in 1999, although was worth only $257.6 billion as of August.

More recently, Apple became No. 1 when it surpassed Exxon Mobil in market capitalization in August 2011.

Currently Exxon Mobil is worth $406 billion.

On Tuesday, the price for Apple stock hit $701.44 in midmorning trading.