Updated 3:35 p.m. ET

Shares of Apple (AAPL) were pennies from the $700 mark all day Monday -- and finally surpassed it in after-hours trading -- as the company announced that it sold more than 2 million iPhone 5s in the first 24 hours of preordering. That's twice the rate at which the company sold the iPhone 4S.

Apple's stock price reached a high Monday of $699.80 and closed the trading day at a record $699.78. In late trading, however, the stock climbed as high as $700.44. Investors were encouraged by news that the iPhone 5 is a smash hit, even though it was hammered by critics as being more of an evolution than a revolution.

The iPhone-loving masses seem not to care that there are phones with better components. The iPhone 5 is not the pack leader, but it doesn't need to be. At this rate, it will become the best-selling phone in history.

Apple began taking orders for the iPhone 5 at 3 a.m. ET on Friday and sold out of its supply in an hour. Its online store was so overwhelmed that it went down for several minutes, flashing a "We'll be back" sign to potential buyers. Some people turned instead to the iPhone's Apple Store app and were successful buying that way. Preorders were also reportedly sold out by early afternoon at Verizon (VZ), AT&T (T) and Sprint (S) stores.

The phone goes on sale Friday at retail stores, and the lines have already started. By Sunday, there were seven people in line at Apple's Fifth Avenue store in Manhattan. But, as Fortune reports, each one was there with another agenda -- to make money, grab publicity or both.

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