Apple Shares Break Through $700 Ceiling (AAPL)

Not even a week after Apple held a press event to announce the iPhone 5 (and new iPod models), the company's share price has shot up and above the $700 mark, ending the day at $702.10 on Wednesday. Apple's market capitalization now sits at $658.15 billion, an obscenely high valuation that underscores the legacy Steve Jobs left behind.

Credit should be given to Tim Cook as well. He had big shoes to fill when Jobs passed away, and Apple is more valuable than ever before under his helm. Of course, Apple had enough momentum going that, in the short term, it would have seen some measure of success no matter who took over. But after a little more than a year of sitting in the driver's seat, Cook has proven he's capable of navigating the world's most valuable company.

Apple Store

How high Apple's share price can go remains to be seen. In pre-market trading, Apple's share price is down nearly 3 percent to $699.28. Perhaps it's unfair to expect that it will stay above the $700 mark, but then again, when the iPhone 5 is actually released -- tomorrow, September 21 -- it will likely shoot back up. And if Apple gets around to announcing the oft-rumored iPad Mini, expect another surge, especially if it's priced competitively.