Categories: Stock Market NewsTechnology

Tech Stocks Push the Dow and S&P 500 Down Slightly

Weakness with giant technology company Apple Inc. (AAPL) today helped to pull the Dow Jones Industrial Average down this afternoon from a morning rise to finish trading at 13203.58. That dip kept the Dow from hitting its highest closing in the past five years. Earlier today, investors were speculating that the Dow Jones might close above its May 1 end-of-the-day high of 13279.32, which would have produced the highest closing price since December 2007.

The S&P 500 fell, as well, dropping 0.3%. After setting a record for U.S. market value yesterday, Apple fell 1.4%, to close at $656.06. Tech stocks are seeing weaknesses across the board. Despite this slight dip, tech remains up the most of any sector, year-to-date.

Aside from the pullback today, the S&P 500 remains up 12% so far in 2012, with technology and financial stocks posting the biggest gains. Investor optimism, with regard to global central banks’ anticipated response to the debt crisis, has lifted the market higher so far this year.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.