Job News Provides Boost

Apple took a bite out of Wall Street on Friday.

Stocks shot higher in the morning after the government said the economy added 146,000 jobs last month and the unemployment rate fell to a four-year low of 7.7 percent from 7.9 percent.


Specialist Michael O’mara, left, and trader Robert Moran work on the floor of the New York Stock Exchange, in New York. Stock markets were in a holding pattern ahead of a U.S. jobs report later Friday Dec. 7, 2012 that is expected to reflect a downturn in hiring following a massive storm but could also show that the American economy is otherwise bouncing back. (AP Photo/Richard Drew, File)

But Apple Inc., which has been flailing in recent weeks, dragged down the indexes where it’s listed.

The Dow Jones industrial average, which doesn’t include Apple, ended the day up 81.09 points at 13,155.13. The Standard & Poor’s 500 index, where Apple’s weight is 4 percent, also rose but by a smaller proportion, gaining 4.13 to 1,418.07. The Nasdaq composite index, where Apple accounts for a hefty 12 percent, fell 11.23 to 2,978.04.

Apple fell 2.6 percent to $533.25. Its stock has plunged 24 percent since the iPhone 5 went on sale Sept. 21. Investors are wondering how long Apple’s popular cellphone and the iPad can keep it far ahead of rivals in many respects.

Wire
 
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About the Author

Ivan Castilho is a citizen of the world; CEO at Mindfield Digital and Executive Director at AppleMagazine, and Techlife News. Ivan's been an avid Apple user and consumer since 2008, with a major in Marketing and extensive experience in strategic management and consulting for tech companies. Hobbies include photography, design, and music.