Stocks Weaken as Apple Leads Tech Lower
By Rita Nazareth - Sep 26, 2011 10:35 PM GMT+0800
U.S. stocks were little changed, after erasing an earlier rally, as Apple Inc. led technology shares lower after an analyst said it is cutting orders for iPad parts and data showed new-home sales fell to a six-month low.
Apple slumped 2.7 percent after JPMorgan Chase & Co. said several supply-chain vendors indicated the company lowered fourth-quarter iPad orders by 25 percent. Schlumberger Ltd. and Newmont Mining Corp. slumped at least 1.3 percent as commodities fell. PulteGroup Inc dropped 2.2 percent, pacing losses in homebuilders. JPMorgan Chase & Co. rose 2.3 percent, as the European Central Bank is said to consider restarting covered- bond purchases along with measures to ease monetary conditions. |