Stocks Close Mixed; Apple Drags Nasdaq Lower

NEW YORK (January 24, 2013)--A sharp drop in Apple's stock pulled the Nasdaq lower Thursday after the tech giant predicted weaker sales, but other indexes were mixed.

The Standard & Poor's 500 briefly crossed above 1,500 for the first time since December 2007.

Apple plunged 12 percent, or $63.50, to $450.50.

With iPhone sales hitting a plateau and no new products to introduce, Apple said sales would likely increase just 7 percent in the current quarter, a let down for a company that has posted growth rates above 50 percent.

The Dow Jones industrial average closed up 46 points at end the day at 13,825 Thursday.

The S&P 500 was flat at 1,494 and the Nasdaq lost 23 to close at 3,130.

Rising stocks outnumbered falling ones on the New York Stock Exchange where volume was average, 3.6 billion shares.


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