by Bernard Condon - Sept. 17, 2012 06:02 PM
Associated Press
NEW YORK - After surging over four days to near pre-recession highs, stocks slipped further from that goal Monday following a new sign of a slowdown in the U.S. economy and worries over Europe's struggle to keep its currency union intact.
All three major indexes were down, though barely. The Dow Jones industrial average fell 40.27 points, or 0.3 percent, to 13,553.10.
U.S. stocks are coming off a surge last week that sent the S&P 500 to its highest level in nearly five years after the Federal Reserve revealed plans to buy mortgage bonds in an effort to get people to borrow and spend more.
Dampening investor spirits was an Empire State Manufacturing Survey suggesting that conditions for New York manufacturers continued to weaken in September. That followed news from the Fed on Friday that U.S. industrial production fell in August by the largest amount in more than three years.
"We're not completely out of the woods economically, and that's weighing on markets," said Wasif Latif, vice president of equity investments at USAA Investments. He added that, as indexes hover at multi-year highs, "psychological barriers and technical barriers may be tough to breach."
Apple rose $8.50 to $699.78, a new high for the stock market's most valuable company. The company said advance sales for its iPhone 5 available later this week are running at double the rate for its previous version of the phone.
The Standard & Poor's 500 fell 4.58 to 1,461.19. The Nasdaq composite lost 5.28 to 3,178.67. Six of the ten major industry sectors in the S&P 500 fell, led by materials stocks, down 1.5 percent. Banks and other financial companies were also hit hard, down 1.1 percent.
18 Sep, 2012
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Source: http://www.azcentral.com/business/articles/2012/09/17/20120917market-slips-after-surge-apple-stock-hits-new-high.html
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