Apple's shares reached their highest closing level ever Monday, as investors bet that the 10th-anniversary iPhone expected later this year will return the world's most valuable company to renewed momentum after its worst stumble in years.

The stock closed at $133.29, topping the prior record close of $133 set in February 2015.

That puts Apple's market value at about $700 billion, which is more than $120 billion ahead of the No. 2 company, Google parent Alphabet--which not long ago was challenging Apple for the top spot--and beyond the values of Exxon Mobil and J.P. Morgan Chase combined.

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