Apple shares soar to all-time high

Apple shares closed at a record high Tuesday on high expectations and renewed confidence from investors ahead of a couple upcoming product launches.

Stock closes at $100.53, surpassing previous record set in September 2012

Apple's stock closed at a record high Tuesday with investors anticipating new product launches in the fall. (Marcio Jose Sanchez/Associated Press)

Apple shares reached a record high Tuesday on high expectations and renewed confidence from investors ahead of a couple upcoming product launches.

The tech titan's stock closed at $100.53, topping the previous record set on September 13, 2012 (once adjusting for the 7-for-1 stock split announced in April).

Shares had fallen as low as $55 — about 40 per cent of its value — in the year following the release of the iPhone 5. Analysts and investors worried the company lost its innovative touch without Steve Jobs at the helm while also watching iPad sales slump.

But Apple's latest quarterly earnings revealed strong profit on growing iPhone sales, as well as a promise from CEO Tim Cook of "new products and services that we can't wait to introduce."

Apple is expected to unveil a larger-screen iPhone 6 at an event this September. The company has launched an updated version of the iPhone every year since the device's debut in 2007.

There are also reports Apple will enter the smartwatch race this year with an "iWatch."