Analysts have been moaning that things would be great for the top 500 companies if it were not for that pesky Apple letting the side down. Other companies have managed to set record highs but because Apple was not performing it had dragged the whole side down.

Of course one if the problems is that Wall Street had for the last three years talked up the price of Apple shares despite warnings that the company had run out if steam and ideas. But everything started to become unstuck when Apple’s China market started to dry up. It is fairly clear that its iPhone cash cow is milked out and the company has no plans to improve it until next year.

Since the S&P 500 hit its prior record high on May 21, 2015, the benchmark index has risen 1.55 percent. But excluding Apple, the S&P 500 would have gained 2.63 percent during that time, according to S&P Dow Jones Indices.

Although Apple's stock is down 26 percent from its own record high close of $133 set on February 23 last year.