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 22, the 203rd day of 2014. There are 162 days left in the year.

1864 -- 150 years ago: Everybody is invited to go on a moonlight excursion next Monday evening on the steamer New Boston. The trip will be from Davenport to Muscatine and back.
1889 -- 125 years ago: The mayor and bridge committee let a contract to the Clinton Bridge company for a $1,125 iron bridge across Sears canal near Milan.
1914 -- 100 years ago: Injunction proceedings to compel the Central Association to keep a baseball team in Rock Island for the remainder of the season were contemplated by some of the Rock Island fans, but they decided to defer action.
1939 -- 75 years ago: The first of the new and more powerful diesel engines built for the Rock Island Lines for the proposed Chicago-Denver run, passed thru the Tri-Cities this morning.
1964 -- 50 years ago: The Rock Island Rescue Mission is negotiating for the purchase of the Prince Hall Masonic Home located at 37th Avenue and 5th Street, Rock Island.
1989 -- 25 years ago: Quad Cities Container Terminal is being lauded as a giant business boon that will save several days and hundreds of dollars on each goods shipment to the coasts. The Quad Cities Container Terminal is the final piece of the puzzle that opens up increase access to world markets, Robert Goldstein said.








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