Stocks Close Down

NEW YORK (December 14, 2012)—Investors were discouraged by the lack of progress in budget talks in Washington and on Wall Street stocks ended the day lower, putting the market into the red for the week.

Apple dropped following a disappointing debut of the iPhone 5 in China.

The Dow Jones industrial average fell 36 points to close at 13,135 Friday.

The Standard & Poor's 500 index fell six points to end the day at 1,414.

The Nasdaq composite gave up 21 points to end at 2,971.

Apple fell 4 percent after the launch of its latest iPhone in Beijing failed to draw the long lines that showed up for previous versions.

Falling stocks outpaced rising ones on the New York Stock Exchange where volume was slightly weaker than the recent average at 3.2 billion shares.

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