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.
Mainland China's reputation as an investment destination has been taking a beating lately. A collapsing real estate bubble, tepid global demand for Chinese exports and trillions of dollars invested in superfluous infrastructure mean that the Chinese economy is heading toward a much harder landing than many China specialists expected. Wealthy Chinese themselves are voting with their wallets as many are scrambling to take money out of China and invest it elsewhere in the world.
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