Market Snapshot
U.S. stock indexes revived by Apple
NEW YORK (MarketWatch) -- U.S. stocks on Tuesday ended mixed, with speculation over
Apple (AAPL) shares gained after the iPhone and iPad maker sent out invitations to an event next Wednesday that included a visual in the shape of a "5," spurring the belief that the iPhone 5 is on its way.
The Cupertino, Calif.-based company -- which accounts for 4.89% of the S&P 500 Index (SPX) , and its rise from a $405 stock at the start of the year to $674.97 at Tuesday's close -- has added $250 billion into shareholder accounts, according to Howard Silverblatt, senior index analyst at S&P Dow Indices.
"Even in Washington, that's a lot of money," said Silverblatt, who said the stock's rise has portfolio managers on edge. "When do you pull out or are you in it forever? It's a spooky item."
The S&P 500 fell 1.64 point, or 0.1%, at 1,404.94, with telecommunications and consumer staples the best performers among its 10 major industry groups.
Bolstered by Apple, which holds a more than 13% weight, the Nasdaq Composite Index (COMP) advanced 8.1 points, or 0.3%, to 3,075.06.
After a 113.75-point drop, the Dow Jones Industrial Average (DJIA) lost 54.90 points, or 0.4%, at 13,035.94.
For every three stocks on the decline, nearly four gained on the New York Stock Exchange, where 639 million shares traded and NYSE composite volume neared 3.2 billion.
The dollar (DXY) gained against rival currencies. Treasury prices mostly fell, with the 10-year yield rising to 1.584%. Oil futures (CLV2) fell $1.17, or 1.2%, at $95.30 a barrel in New York. After briefly topping $1,700 an ounce for the first time since March, gold futures (GCZ2) added $8.40, or 0.5%, to end at $1,696 an ounce. Read more on oil and about gold futures.
"One data point isn't a big deal, but three sounds like a trend," Mickey North Rizza, vice president of strategist services at supply management consultant BravoSolution, said of the Institute for Supply Management's factory gauge, which contracted for a third month in August, its lowest since July 2009. Read more on the ISM.
The factory report "is a concern," but unease over the political climate may also be in play, said Chip Cobb, portfolio manager at BMT Asset Management. "People are using the election as a reason not to invest. We should be focusing more of our attention on earnings growth than we are on who is going to win the ninth district of whatever state," he added.
Chrysler Group LLC,
Apple's impact
"The only thing I saw was Apple go to its highs; it helped to drag everything else up with it," Peter Boockvar, equity strategist at Miller Tabak, said of Wall Street's late-session bounce.
Friday brings the August employment report, viewed as a likely factor in the next U.S. Federal Reserve policy meeting.
"Over the last 40 years, September has been the most difficult month of the year for investors," Fred Dickson, chief investment strategist at Davidson Cos., wrote in an emailed note. Read more on why September tends to be a poor month for stocks.
,
,
, Copyright ©2013. All rights reserved.