Apple's market capitalization tops $700B; shares have climbed 48 percent in 2014

MarketsAssociated Press

Apple's market capitalization surpassed $700 billion for the first time Tuesday morning.

The iPhone maker is currently the most valuable company in the world, and its stock is up 48 percent in 2014.

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Apple stock has been strong since late April, when the company announced a series of moves intended to bolster its share price. Apple announced its first stock split in nine years and said it would buy back another $30 billion in stock. It also raised its quarterly dividend.

The S&P 500 and other indexes are also at record highs.

When the moves were announced, Apple's stock price was about 25 percent below its September 2012 peak.

Shares of the Cupertino, California, company rose 54 cents to $119.17 in midday trading after rising as high as $119.75 earlier in the session.