After weeks of speculation, anticipation and a dose of hype, Apple is holding an event Wednesday during which it's widely expected to announce the iPhone5.

The new model is expected to work with fourth-generation, or 4G, cellular networks, something many other iPhone rivals already have. The new model is likely to go on sale in a week or two.

Sales of the new phone could not only boost the tech giant's bottom line but could give a boost to the overall U.S. economy, said J.P. Morgan's chief economist, Michael Feroli. They could add as much as a half percentage point to fourth quarter annualized growth of the gross domestic product, he said in a note to clients.

J.P. Morgan analysts expect Apple to sell around 8 million iPhone 5s in the fourth quarter, with a sales price about $600.

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Apple also plans to update its phone software this fall and will ditch Google Inc.'s mapping service for its own.

-- Combined wire services