Stocks little changed on Wall Street; Apple slides
NEW YORK — Apple held down the Standard & Poor’s 500, pushing it further below the five-year high it reached last week, after the technology giant’s stock sank following a report that demand for the iPhone 5 may be weaker than expected. The Dow Jones industrial average edged higher.
The Dow rose 18.89 points to 13,507.32 Monday, having fallen as much as 29 points at the start of the day. The S&P 500 fell 1.37 point to 1,470.68. The Nasdaq composite index fell 8.13 points to 3,117.50
The S&P 500 closed at a five-year high of 1,472 on Thursday, following a solid start to the fourth-quarter earnings reporting period and amid optimism that the outlook for global growth is brightening.
Apple’s stock, which isn’t included in the Dow but accounts for 10.3 percent of the Nasdaq index and 3.7 percent of the S&P, slid $18.55 to $501.75 after The Wall Street Journal reported that the company has reduced its orders for iPhone 5 components due to weak demand. Apple slipped below $500 a share for the first time in nearly a year in early trading. The stock has slumped 28 percent since closing at a record $702.10 in September.