“U.S. stocks fell, snapping a five- day winning streak for the Dow Jones Industrial Average, as a steeper-than-forecast rise in consumer prices reduced speculation the Federal Reserve will cut interest rates,” Nick Baker reports for Bloomberg.
Baker reports, “The Dow average retreated 40.30, or 0.3 percent, to 12,746.34 at 2:31 p.m. in New York. It had reached four straight record closes. The S&P 500 fell 2.45, or 0.2 percent, to 1457.23. The Nasdaq Composite Index rose 0.07 to 2513.11, aided by a rally in Apple Inc.”
Baker reports, “Apple’s gain helped prop up the Nasdaq. Apple rose $3.18, or 3.7 percent, to $89.08. Prudential Equity Group’s Jesse Tortora boosted profit estimates for the maker of iPod music players and Macintosh computers, saying results this quarter will be ‘solid.'”
Full article here.
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