Shares of Apple rose 4 percent after the company announced receiving more than one million orders for the iPhone 4S in a day, nearly 70 percent more than an older version.

The first day pre-orders for iPhone 4S have been the most for the most for any product Apple has ever launched, said Apple marketing VP Phil Schiller. Apple took in 600,000 orders for the initial iPhone 4 last year.

Announced only last Tuesday, the iPhone 4S will be available in its U.S. retail stores on Friday morning. The Cupertino, Calif.-based Apple has been taking online orders since Tuesday, the day before Chairman Steve Jobs died.

Apple shares after an hour of trading reached $383.18, up 3.5 percent or $13.09, in Monday's early market rally.

The first iPhone upgrade in 15 months, the iPhone 4S is the first to be offered by all three major U.S. wireless carriers, adding Sprint Nextel for the first time. In 2007, only AT&T, the No. 1 carrier, sold iPhones. Later, Apple added Verizon Communications.

Apple, in a statement, said 200,000 iPhone 4S orders were received in only 12 hours.

Meanwhile, shares of Sprint fell nearly 6 percent to $2.28, in the first hour. Analysts have questioned whether the reported $20 billion commitment the carrier has made to buy iPhones is too much for the carrier to bear.