Apple shares traded above US$700 for the first time on Wall Street Tuesday. The price rose as high as $701.44 in early trade, a day after the firm said it received more than two million orders for its new iPhone 5 in just 24 hours.

The stock later dipped slightly to $699.34. The company’s market value based on its stock price has surged above $655 billion, extending Apple’s lead as the world’s most valuable corporation, notes “Yahoo Finance” (