Stocks Drop, Hurt by Worries Over U.S. and European Economies
NEW YORK (TheStreet) -- U.S. stocks fell Thursday as a troubling outlook for Europe's economy and signs of a slowdown in the U.S. spread pessimism.
The Dow Jones Industrial Average ended Thursday down 45.56 points, or 0.4%, to 12,898.26. The index traded in a tight range of 12,852 at its lowest and 12,961 at its highest.
Holding the Nasdaq up were shares of tech heavyweight Apple (AAPL), which ended the day up 1.8% to $609.94. There were reports that the company will soon be producing a new version of its iPad with a 7-inch screen.Gainers and laggards on the New York Stock Exchange and Nasdaq were about even with a slight lean toward the negative on thin trading volumes. In other tech news, Research In Motion (RIMM) advanced 4.6% to $7.69 amid short covering, and Netflix (NFLX) surged 13% to $81.72 after a BTIG analyst said the company's online audience surpassed that of cable and TV networks, and Netflix CEO Reed Hastings was upbeat about subscriber growth.
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