Apple's sales slowdown tugs Nasdaq index lower
- Associated Press
- January 24, 2013 - 3:11 PM
NEW YORK - 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.
© 2013 Star Tribune