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Abu Dhabi, UAESaturday 15 December 2018

Apple shares slip in volatile trade after iPhone launch event

Shares in the iPhone maker closed 0.4 percent lower at $160.86

Tim Cook, CEO of Apple, speaks about the iPhone X during a launch event in Cupertino, California
Tim Cook, CEO of Apple, speaks about the iPhone X during a launch event in Cupertino, California

Apple's shares closed a volatile trading session 0.4 percent lower at $160.86 after rising as high as $163.96 following the unveiling of its 10th anniversary edition of the iPhone.

Apple's release date of November 3 was later than some investors had expected.

While some investors cited worries about whether Apple would face supply shortages, others said traders were just taking profits.

"There were no blockbuster surprises although what they're doing with the products is all pretty good," said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York.

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Read more:

Apple iPhone X launch: facial-recognition and a brand new look

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The iPhone maker was the second-biggest drag on the S&P behind McDonald's, which fell 3.2 percent to a more than one-month low on concerns about its third-quarter results.

Despite the drag posed by the two benchmark stocks, the major Wall Street indexes still hit record closing highs on Tuesday, with financial stocks leading the charge.

The S&P 500, Dow Jones Industrial and Nasdaq Composite clocked record closes, with investors drawn to riskier assets as concerns about US tensions with North Korea eased and the financial impact from Hurricane Irma appeared less severe than was feared last week.