Dow Surges on Retail Sales; Apple Drags Nasdaq Lower
NEW YORK (TheStreet) -- Stocks finished on a mixed note Monday with robust retail sales data driving a rebound in blue-chip stocks, while heavy selling in the tech sector dragged down the other major indices.
The Dow Jones Industrial Average rose 72 points, or 0.6% to finish at 12,921, down more than 60 points from the day's high of 12,986. The S&P 500 closed on a flat note at 1369, after flitting between the positive and negative territory during the trading session.
Apple saw its shares drop 4.1% to $580.13 on much heavier than normal volume. The stock sank below $600 for the first time in April, has fallen for five straight sessions, and is now 10% below the April 10 all-time high of $644. The Wall Street Journal said there's some chatter in the market Monday that Apple may roll out an iPad Mini at $200 later this year.
Google, meanwhile, dropped 3% to $606.07, extending Friday's decline after its earnings report, which showed continued price weakness in the company's average cost-per-click metric. On Monday, the company was fined $25,000 by the Federal Communications Commission for hampering the investigation of its data collection practices.
The Nasdaq has outperformed both the Dow and S&P 500 by a wide margin in 2012, rising nearly 15% vs. gains of 5.2% for the Dow and 8.9% for the S&P 500 through Monday's close. U.S. stocks are coming off their worst week of the year with an underwhelming report on economic growth in China and the return of eurozone worries driving deep selling on Friday.