Apple’s stock crosses $700 following record iPhone 5 pre-orders

Earlier today, AT&T announced that it set a sales record over the weekend with iPhone 5 pre-orders. Apple also had a record-breaking weekend, recording 2 million iPhone 5 pre-orders in just 24 hours.

Well apparently the early success of Apple’s new handset has given investors a boost in confidence in the Cupertino company, as its stock crossed the $700 mark today in after-hours trading…

AAPL opened above $690 per share this morning, and after teetering close to $700 all day, it closed at $699.78 — setting a new high for the company. And then in after hours it did it again, reaching $701.

The stock has set a number of records this year, nearly doubling in value in the last 12 months. Apple also recently became the world’s most valuable publicly-traded company of all time, with a market cap of more than $620 billion. That was in August. Today, it’s worth more than $650 billion. Wow.

Whether or not Apple can sustain this rate of growth has yet to be seen, but the forecast looks great. The company just announced a new smartphone, alongside new iPods, and the holidays are just around the corner. And let’s not forget about that often rumored iPad mini.

If that hits this fall, all bets are off.