Tumbling Apple pulls down S&P 500, Nasdaq indexes
BY Wire Reports
Tuesday, January 15, 2013
1/15/13 at 4:10 AM
Apple held down the Standard & Poor's 500 on Monday, pushing it further below the five-year high it reached last week. The tech giant's stock sank 3.57 percent following a report that demand for the iPhone 5 may be weaker than expected.
The S&P 500 fell 1.37 points to 1,470.68. The Nasdaq composite index fell 8.13 points to 3,117.50.
The Dow Jones industrial average, which does not include Apple Inc. among its 30 stocks, rose 18.89 points to 13,507.32.
Apple's stock, which accounts for 10.3 percent of the Nasdaq index and 3.7 percent of the S&P, slid $18.55 to finish $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.