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By Angela Moon and Doris Frankel

The world’s most valuable company has turned into a bit of a casino stock.

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Since Apple Inc on Feb. 29 became only the sixth company in U.S. history to top US$500-billion in market capitalization, trading has become more volatile, indicating that more investors are tracking headlines and looking for quick gains.

Apple has gained 32% since the beginning of the year, outstripping its gains for all of 2011. It accounts for more than 4% of the weight of the S&P 500 index, a kind of outsized standing that has caused its moves to dictate market direction on a daily basis.

That’s a trend that is causing consternation among some players in the market. They note that other companies that had become members of the elite US$500-billion club not only couldn’t sustain their standing, but weighed on the entire market as they fell.[np-related]

For long-term investors, the stock of the iPad and iPod maker has been a winner, the ultimate in buying and holding. From a short-term basis, buyers have gotten much more fickle.