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 Tuesday, July 29, the 210th day of 2014. There are 155 days left in the year.

1864 -- 150 years ago: Col. H.F. Sickless informs us that there will be new organization of troops in this state under the call for more men.
1889 -- 125 years ago: James Normoyle arrived home after graduating from West Point with honors in the class of 1889. He was to report to Fort Brady, Mich., as second lieutenant in the 23rd Infantry.
1914 -- 100 years ago: Austria Hungary declared war on Serbia. Germany and Austria refused an invitation of Sir Edward Grey to join Great Britain at a mediation conference.
1939 -- 75 years ago: Dr. William Mayo, the last of the three famous Mayo brother surgeons, died at the age of 78.
1964 -- 50 years ago: One of the biggest horse shows of the season was held yesterday at Hillandale Arena on Knoxville Road under the sponsorship of the Illowa Horsemen's Club.
1989 -- 25 years ago: Davenport is like a gigantic carnival this weekend with the Bix Arts Fest taking over 12 square blocks of the downtown area. A festive atmosphere prevailed Friday as thousands of people turned out to sample what the Arts Fest has to offer.








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