Apple holds back S&P, Nasdaq; Dow ends higher
NEW YORK — Apple spoiled the stock market's party on Friday.
Stocks shot higher in the early morning, after the government reported that the nation added jobs in November. But Apple, which has been flailing in recent weeks as investors wonder how long its momentum can continue, dragged down the indexes that it's part of.
The Dow Jones industrial average, which doesn't include Apple, rose. The Standard & Poor's 500 and Nasdaq, which do, were less impressive. The S&P rose by a smaller amount, and the Nasdaq fell.
The headline numbers from the jobs report sent the market higher in early trading. The Labor Department said the nation added 146,000 jobs last month, more than economists had expected. The unemployment rate fell to 7.7 percent from 7.9 percent, the lowest in nearly four years.
At the end of the day, the Dow was up 81.09 points to 13,155.13. The S&P 500, where Apple's weight is 4 percent, was up but by a smaller proportion, rising 4.13 to 1,418.07. The Nasdaq composite index, where Apple accounts for a hefty 12 percent, fell 11.23 to 2,978.04.
Apple fell $13.99 to $533.25, or 2.6 percent. That's part of a longer trend: Apple's stock has plunged nearly 24 percent since the iPhone 5 went on sale Sept. 21. Investors are wondering how long the company can keep the momentum going with its popular iPhone and iPad devices.
In the 22 trading days since the election, the Dow has been up 11 and down 11.
AIG, the bailed-out insurance company, rose more than 2 percent, up 87 cents to $34.13. A group of Chinese companies is in talks to buy AIG's aircraft leasing unit, which could help AIG raise cash to pay off more of its government loans.
The yield on the benchmark 10-year Treasury note rose to 1.63 percent from 1.59 percent late Thursday, a sign that investors were putting more money in stocks.