NEW YORK — Apple’s stock has reached $700 for the first time, setting a record for the company the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.

The shares closed Tuesday at $701.91, up nearly a third of a percent from Monday’s close.

The rally in its stocwk price puts the company’s value at $656 billion, more than any public company has ever been worth, discounting inflation.

The Cupertino, Calif., company started taking orders for the iPhone 5 last week. Apple says most orders will be delivered on Friday.