Investors Turn Cautious, Stocks Close Down

NEW YORK (April 17, 2013)—Just a week after the market hit an all-time high, stocks fell Wednesday as investors grew cautious because of new signs of weakness in Europe's economy.

Poor earnings reports from Bank of America and a drop in demand for Apple's iPod and iPhone contributed to the selling Wednesday, as bank, tech and energy stocks led the market lower.

The Dow Jones industrial average lost 138 points to 14,618 Wednesday, or 0.9 percent.

The Standard & Poor's 500 fell 22 points, or 1.4 percent, to 1,552.

The Nasdaq composite fell 60 points, or 1.8 percent, to 3,204. Apple, the biggest component in the index, slumped nearly 6 percent.

Three stocks fell for every one that rose on the New York Stock Exchange where volume was high, 4.2 billion shares.

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