Apple stock shares hit $700

Shares of Apple stock hit $700 on Tuesday setting a new record.

According to the Associated Press, the shares hit $701.44 in morning trading but later fell.

The Wall Street Journal called it a "milestone" and said shares hovered around $700 for much of the morning and early afternoon.

In March, shares hit a high of $600, the Journal reported. This new high values the stock up some 73 percent from last year and puts the company’s overall value at a staggering $656 billion.

More from GlobalPost: iPhone 5 sales tripped up by overwhelming demand

The soaring stock price comes amid consumer and Wall Street's excitement over the new iPhone 5.

Apple announced at the beginning of the week that over 2 million phones were preordered in just the first 24 hours and

most of those orders will be delivered Friday when the phone hits stores, AP reported.

But the company has already said it has more orders than it can keep up with, so some people will have to wait until October, the AP wrote.