Stocks edge lower on Wall Street; Apple slides below $500


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Originally Posted Online: Jan. 14, 2013, 9:36 am
Last Updated: Jan. 14, 2013, 9:38 am
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NEW YORK (AP) — Stocks edged lower on Wall Street, pulling the Standard & Poor's 500 further below a five-year high it reached last week. Apple tumbled on concern that demand for the iPhone 5 is waning.

The Dow Jones Industrial fell 28 points to 13,460 as of 10:22 a.m. EST Monday. The S&P 500 fell five points to 1,468. The Nasdaq composite index fell 18 points to 3,107.

The Standard and Poor's 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 accounts for more than 10 percent of the Nasdaq index, slid $18 to $502.20 after The Wall Street Journal reported that the company has cut its orders for iPhone 5 components due to weak demand. Apple traded below $500 a share for the first time in nearly a year. The stock has slumped 28 percent since closing at a record $702.10 in September.

Earnings reporting will pick up this week with many big U.S. banks, including JPMorgan Chase, Citigroup and Bank of America releasing results.

Investors will also follow a speech about monetary policy from Federal Reserve Chairman Ben Bernanke. He is expected to speak in a question-and-answer session in Ann Arbor, Michigan beginning at 4 p.m. ET, just as the stock market closes.

The yield on the 10-year Treasury note, which moves inversely to its price, fell 3 basis points to 1.84 percent.

Among other stocks making big moves:

— Health Management Associates fell 10 cents to $9.02 after the hospital operator said late Sunday that its preliminary earnings reflect tough economic conditions. The Naples, Fla., company said it expects to earn 19 cents to 21 cents per share on revenue of $1.48 billion, less than analysts had forecast.














 



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  Today is Friday, April 25, the 115th day of 2014. There are 250 days left in the year.

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1889 — 125 years ago: The choir of Central Presbyterian Church presented a ladies concert under the direction of S.T. Bowlby.

1914 — 100 years ago: Miss Rosella Benson was elected president of the Standard Bearers of Spencer Memorial Methodist Church.

1939 — 75 years ago: Mrs. Nell Clapper was elected president of the Rock Island Business and Professional Women's Club.

1964 — 50 years ago: Gerald Hickman, of Seattle, Wash, will move his family to Rock Island to assume the position of produce buyer for the Eagle Food Center chain of food stores. This announcement was made today by Bernard Weindruch, president of Eagles.

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