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Stocks open mixed; Apple sinks after iPhone news

Published on NewsOK Modified: September 11, 2013 at 10:29 am •  Published: September 11, 2013
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Stocks were trading mixed on Wall Street Wednesday, threatening to end the market's longest winning streak since July, as investors waited to see if the confrontation with Syria can be resolved peacefully.

A big decline in Apple stock dragged down the Standard & Poor's 500 index, while the Dow Jones industrial average rose.

The flattish trading followed two days of strong and widespread gains. After a tough August, stocks have risen in recent days, including six days in a row of gains for the S&P 500.

Now, though, "There are people that are cautiously waiting to see if any kind of geopolitical scenario develops, negative or positive," said Stephen Carl, head of equity trading at The Williams Capital Group.

The S&P 500 index was down three points, or 0.2 percent, to 1,681 in late morning trading. The Nasdaq composite fell 18 points, or 0.5 percent, to 3,711.

The Dow Jones industrial average rose 47 points, or 0.3 percent, to 15,238.

Apple fell $28.85, almost 6 percent, to $465.70 a day after the company announced two new iPhones. Apple stock fell on Tuesday, too, after rising 11 percent in the month leading up to the announcement. Some analysts felt that Apple's lowest-priced iPhone — $549 without a two-year cell phone contract — isn't cheap enough to win many buyers in emerging markets.

Among the 10 industry groups in the S&P 500, six fell. Tech stocks had the biggest declines.

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