Apple falls, drags Wall Street lower | Reuters

Apple falls, drags Wall Street lower | Reuters

Apple falls, drags Wall Street low

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By Chuck Mikolajczak

NEW YORK | Wed Feb 15, 2012 5:55pm EST

(Reuters) - Stocks fell on Wednesday for the third session in four, with market direction largely dictated by the swings in shares of Apple, the largest company in the world.The S&P 500 appeared set for a strong move off a nine-month high as Apple Inc (AAPL.O) shares gained 3 percent in early trading, helped by Tuesday's disclosures that prominent hedge-fund managers had been buying the stock.
But Apple, the largest company by market capitalization, turned negative around midday and closed down 2.3 percent to $497.67, quickly reversing the Nasdaq index's advance. The stock had climbed as high as $526.29 during the session.