Apple Shares Hit New High

iPhone 4S

On the day it begins selling the iPhone 4S, "the final gadget unveiled during Steve Jobs' life," the stock surges to $422.

Despite an underwhelming event to unveil its iPhone 4S and the recent death of its visionary co-founder, investors seem to love Apple more than ever nowadays.

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On Friday, Apple shares rose 3 percent to a historic closing high of $422, giving the iconic technology firm a market capitalization of $391.2 billion. Still the world's most valuable publicly traded company, Apple is worth nearly four times more than Disney and Time Warner combined.

Since Apple's board chairman Steve Jobs died Oct. 5, a day after CEO Tim Cook showed off the iPhone 4S at a gathering that was roundly panned, the stock has risen 12 percent.

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Since then, though, the iPhone 4S has been getting solid reviews and the Wall Street Journal said pre-orders set a record, while Reuters reported that when the product went on sale Friday thousands queued up "around city blocks to snap up the final gadget unveiled during Steve Jobs' life."