Apple's troubles dampen markets
NEW YORK - Apple spoiled the stock market's party on Friday. Stocks shot higher in the early morning, after the government reported that the United States added jobs in November. But Apple Inc., which has been flailing in recent weeks as investors wonder how long its momentum can continue, dragged down certain indexes.
NEW YORK - Apple spoiled the stock market's party on Friday.
Stocks shot higher in the early morning, after the government reported that the United States added jobs in November. But Apple Inc., which has been flailing in recent weeks as investors wonder how long its momentum can continue, dragged down certain indexes.
The Dow Jones industrial average, which doesn't include Apple, rose 81.09, or 0.6 percent, to close at 13,155.13. The Standard & Poor's 500 and Nasdaq, which do, were less impressive. The S&P rose by 4.13, or 0.3 percent, to 1,418.07, and the Nasdaq fell by 11.13, or 0.4 percent, to 2,978.04.
The headline numbers from the jobs report sent the market higher in early trading. The Labor Department said the country added 146,000 jobs last month.
Apple fell $13.99 to $533.25, or 2.6 percent. That's part of a longer trend: Apple's stock has plunged nearly 24 percent since the iPhone 5 went on sale Sept. 21.
Big moves in Apple shares can have a noticeable effect on the Nasdaq composite index, where the iPad maker accounts for a hefty 12 percent of the weighting. Apple's weight is 4 percent of the S&P 500.