U.S. Stocks Drop With Apple as 'Fiscal Cliff' Looms
Stocks fell on Friday, hit by another slide in Apple shares and investors avoided stocks due to the uncertainty surrounding the "fiscal cliff" negotiations.
For the Nasdaq, this marked the second losing week in a row. All three major U.S. stock indexes ended the week slightly lower.
Apple's (AAPL.O) stock slid 3.8 percent to $509.79 after UBS cut its price target on the stock to $700 from $780. The stock of the most valuable U.S. company has been hit hard in the last three months. On Friday, Apple's stock fell after a tepid reception for the iPhone 5 in China.
The Dow Jones industrial average .DJI slipped 35.71 points, or 0.27 percent, to 13,135.01 at the close. The Standard & Poor's 500 Index .SPX fell 5.87 points, or 0.41 percent, to 1,413.58. The Nasdaq Composite Index .IXIC lost 20.83 points, or 0.70 percent, to close at 2,971.33.