May 25, 2013
Global shares close lower as Apple drags
The S&P 500 and Nasdaq ended lower today as concerns about demand for Apple Inc products sent shares of the tech heavyweight lower and investors braced for earnings disappointments.
The Dow Jones industrial average was up 21.88 points, or 0.16 percent, at 13,510.31. The Standard & Poor's 500 Index was down 1.20 points, or 0.08 percent, at 1,470.85. The Nasdaq Composite Index was down 8.13 points, or 0.26 percent, at 3,117.50.
European equities ended at a two-week low, with a sell-off in US shares on concerns over demand for Apple's iPhone 5 prompting some profit-taking on recent strong stock gains in Europe.
The pan-European FTSEurofirst 300 finished 0.3 percent lower at 1,159.76 points, the lowest close since Jan. 2, after hitting a 22-month high earlier this month.
The index climbed to a high of 1,167.10 earlier in the session, helped by some merger and acquisition news, but later tracked US stocks lower as investors feared the market was losing momentum.