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Apple Cracks $700 In After-Hours Trading

This article is more than 10 years old.

Update: After spending all day within six bucks of the mark and closing up 1.2% at a session high of $699.80, Apple shares hit $700 in after-hours trading before once again drawing below the number. The move sets the stage for another test of the hurdle Tuesday.

At least one economist thinks sales of the iPhone 5 could add a half point to U.S. gross domestic product, and judging from the first inklings of demand for Apple's newest device he may be onto something.

Last week, JPMorgan economist Michael Feroli raised eyebrows with a note suggesting the new iPhone could add as much as half a point to fourth-quarter economic growth, but it certainly appears demand will not be much of a hurdle. (See "Is There Anything Apple Can't Do?")

Apple said its first day of iPhone 5 pre-orders topped 2 million, and AT&T said it set a sales record for first weekend pre-orders for the smartphone, which officially goes on sale Friday.

The enthusiasm over the new device, unveiled by Tim Cook and other executives Sept. 12, has provided the latest lift for Apple shares, which are once again at all-time highs and flirting with $700. In the first 15 minutes of trading Monday Apple climbed as high as $699.50, before retreating to an 0.8% gain on the session at $697.17.

AT&T was down 0.1% at $37.21. Other U.S. carriers that offer the iPhone were also showing narrow losses. Verizon Communications fell 0.6% to $44.28; Sprint Nextel lost 0.8% to $5.22.

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