“U.S. stocks retreated, following last week’s advance in benchmark indexes, after Apple Inc. paced a slump in technology companies and as European finance ministers meet to discuss the region’s government debt crisis,” Rita Nazareth reports for Bloomberg.
“Apple, the world’s most valuable company, slumped 1.3 percent and briefly dropped below $600 billion in market value,” Nazareth reports. “The Standard & Poor’s 500 Index decreased 0.3 percent to 1,456.04 at 11:01 a.m. New York time, after gaining 1.4 percent last week. The Dow Jones Industrial Average slid 23.39 points, or 0.2 percent, to 13,586.76. Trading in S&P 500 companies was 26 percent below the 30-day average at this time of day.”
Nazareth reports, “European finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation, while German Chancellor Angela Merkel visits Greece tomorrow for the first time since the crisis erupted. The World Bank said policy makers in Asia’s emerging economies have room to provide more fiscal stimulus as China’s slowdown drags the region’s growth to an estimated 11-year low in 2012… Nine out of 10 groups in the S&P 500 fell as technology and health-care shares had the biggest losses. Apple retreated 1.6 percent to $642.41, dropping 4.3 percent in three days.”
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There’s no such thing as a free lunch.