Apple holds back S&P, Nasdaq; Dow increases
NEW YORK -- Apple spoiled the stock market's party on Friday.
Stocks shot higher in the early morning, after the government reported that the U.S. added jobs in November. But Apple, which has been flailing in recent weeks as investors wonder how long its momentum can continue, dragged down the indexes that it's part of.
The Dow Jones industrial average, which doesn't include Apple, rose. The Standard & Poor's 500 and Nasdaq, which do, were less impressive. The S&P rose by a smaller amount, and the Nasdaq fell.
The headline numbers from the jobs report sent the market higher in early trading. The Labor Department said the U.S. added 146,000 jobs last month, more than economists had expected. The unemployment rate fell to 7.7 percent from 7.9 percent, the lowest in nearly four years.
At the end of the day, the Dow was up 81.09 points to 13,155.13. The S&P 500, where Apple's weight is 4 percent, was up but by a smaller proportion, rising 4.13 to 1,418.07. The Nasdaq composite index, where Apple accounts for a hefty 12 percent, fell 11.23 to 2,978.04.