THE MILESTONE: Apple’s stock reached $700 for the first time on Tuesday. The rally in Apple’s stock price puts the company’s market value at $656 billion.

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THE BACKDROP: The all-time high came a day after Apple announced that orders for its iPhone 5 topped 2 million in the first 24 hours, more than doubled that for the iPhone 4S over the same period last October.

WHAT IT MEANS: The $700 mark is somewhat of an arbitrary milestone for Apple’s stock, representing little more than a nice round number and a record high trading level.