Shares jumped almost a percentage point on yesterday's $118.90 close, taking it above a previous all-time high of $119.75 which it touched back in November.
After revealing a stellar set of results earlier this week - $18bn quarterly revenue and 75m iPhone sales - many had speculated whether a new record would be broken.
It had been hovering close to the mark since Wednesday, the first day of trading since the earnings were announced. On Thursday shares hit an intraday high of $119.19.
At $120 per share, it took Apple close to a market capitalisation of $700bn.
The high was short-lived, however, returning to $119.31 in mid-morning trading in New York.
At $120, that's a rise of around 445 per cent since the company first went public in 1980, or 30,000 per cent on a stock adjusted basis (the stock has split four times since its IPO).