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 Thursday, July 31, the 212th day of 2014. There are 153 days left in the year.

1864 -- 150 years ago: A corps of surgeons now occupies the new hospital quarters at the Garrison Hospital on the Rock Island Arsenal. A fence has been installed to enclose the prison hospital.
1889 -- 125 years ago: B. Winter has let a contract to Christ Schreiner for a two story brick building with a double store front on the south side of 3rd Avenue just west of 17th Street. The estimated cost was $4,500.
1914 -- 100 years ago: Germany sent simultaneous ultimatums to Russia and France, demanding that Russia suspend mobilization within 12 hours and demanding that France inform Germany within 18 hours. In the case of war between Germany and Russia, France would remain neutral.
1939 -- 75 years ago: Civil service offices at the post office and the Rock Island Arsenal were swamped as more than 700 youths sought 15 machinist apprenticeships at the Arsenal.
1964 -- 50 years ago: Last night, American Legion Post 246 in Moline figuratively handed over the trousers to a female ex-Marine and petticoat rule began. Olga Swanson, of Moline, was installed as the first woman commander of the post .
1989 -- 25 years ago: The Illinois Quad City Civic Center captured the excitement and interest of a convention of auditorium managers this weekend in Reno, Nev. Bill Adams, civic center authority chairman, said the 10,000-seat arena planned for downtown Moline has caught the eye of construction firms, suppliers, management teams and concession groups.








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