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Apple shares up, down, then up after iPhone 5 event

First rising and then falling and then rising again, Apple's stock is now trading higher following today's iPhone 5 launch event.

Apple's stock had a roller-coaster reaction to the company's iPhone 5 event today, but ultimately gained several points.

Shortly after 10 a.m. PT when the launch event started, the stock started to climb from a daily low of $657 a share. By 10:30 a.m., the stock had reached $668. But then it lost its steam.

By 1 p.m, not long after the event had ended, the stock had trickled all the way back down to $657. But then further trading after the event boosted the stock back to $669 a share, a gain of almost 10 points for the day.

See CNET's full coverage of Apple's iPhone 5 event

Today's Apple event saw the debut of the iPhone 5, upcoming new versions of the iPod Touch and Nano, a revamp of iTunes, and a few twists here and there. Several of the new features and specs had already been leaked or hinted at by bloggers, analysts, and Apple watchers. But a 4-inch, 4G LTE iPhone puts Apple on par with many Android phone makers, a development that ultimately seemed to be welcomed by Wall Street.

Apple's high stock price does create a challenge for investors looking to pick up a full 100 shares. The stock's ups and downs also make it difficult to figure out just when to buy, or when to sell. A recent report from Sanford C. Bernstein advised investors to hold a long-term position rather than try to time the market.

But for investors willing to brave the waters, the financial firm found that investing in Apple stock one to two months prior to an iPhone or iPad announcement can trigger some gains. However, the stock tends to underperform in the two weeks and two months following a new product launch.