Apple's Earnings Miss Drags Tech Stocks Lower

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing lower after a rare earnings
miss by Apple pulled down technology stocks.

Indexes turned lower Wednesday afternoon on reports of an
impasse in talks to resolve Europe's debt crisis.

The Dow Jones industrial average fell 72 points, or 0.6 percent,
to close at 11,505.

The S&P 500 fell 16, or 1.3 percent, to 1,210.

The Nasdaq slid 53, or 2 percent, to 2,604.

Apple Inc. slumped 5.6 percent after the company's income and
sales fell short of analysts' forecasts. It was a rare miss for the
company, which had jumped 31 percent this year through Tuesday.

Two stocks fell for every one that rose on the New York Stock
Exchange. Trading volume was average at 4.4 billion.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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