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Apple's Sales Slowdown Tugs Nasdaq Index Lower

Posted: Jan 24, 2013 4:11 PM by Associated Press

NEW YORK (AP) - A sharp drop in Apple's stock is pulling the Nasdaq down with it after the tech giant predicted weaker sales.

Other indexes were mixed. The Standard & Poor's 500 briefly crossed above 1,500 for the first time since December 2007.

Apple plunged 12 percent, or $63.50, to $450.50. With iPhone sales hitting a plateau and no new products to introduce, Apple said sales would likely increase just 7 percent in the current quarter. That's a let-down for a company that has posted growth rates above 50 percent.

The Dow Jones industrial average closed up 46 points at 13,825 Thursday.

The S&P 500 was flat at 1,494 and the Nasdaq lost 23 to 3,130.

Rising stocks outnumbered falling ones on the New York Stock Exchange. Volume was average, 3.6 billion shares.

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