Covering The Economy

Jan 24, 2013 6:47 PM

Apple's Sales Slowdown Tugs Nasdaq Index Lower

NEW YORK (AP) - A sharp drop in Apple's stock is pulling the Nasdaq down with it after the tech giant predicted weaker sales.

Other indexes were mixed. The Standard & Poor's 500 briefly crossed above 1,500 for the first time since December 2007.

Apple plunged 12 percent, or $63.50, to $450.50. With iPhone sales hitting a plateau and no new products to introduce, Apple said sales would likely increase just 7 percent in the current quarter. That's a let-down for a company that has posted growth rates above 50 percent.

The Dow Jones industrial average closed up 46 points at 13,825 Thursday.

The S&P 500 was flat at 1,494 and the Nasdaq lost 23 to 3,130.

Rising stocks outnumbered falling ones on the New York Stock Exchange. Volume was average, 3.6 billion shares.

(Copyright 2013 The Associated Press. All rights reserved.)

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