Apple shares rise to above $700 amid iPhone 5 craze

Things just keep looking up for Apple. Amid the new iPhone 5 announcement, investors on Wall Street have displayed their confidence in the world's richest company. Apple shares rose to an all-time record of $700 in after hours trading. Shares peaked at $701 before closing at $699.78, $8 higher than the previous close.

The new iPhone, which topped two million pre-orders in just 24 hours after its unveiling, has doubled the previous record of one million pre-orders held by the iPhone 4S. The initial batch of iPhone 5's will still be delivered on September 21, Apple has said, but many are scheduled to be delivered in October. The longer you wait to pre-order your iPhone, the longer it looks like you'll have to wait to receive it.

The iPhone 5 is the thinnest and lightest iPhone ever, completely redesigned to feature a new 4-inch Retina display. It also features an Apple-designed A6 chip for faster performance, while also offering better battery life.

The iPhone 5 comes in white and silver or black and slate. It is available in the U.S. for $199 for the 16GB model and $299 for the 32GB model. A 64GB model is available for $399.