Apple rules the stock market on largely quiet day
Monday, August 27, 2012
NEW YORK (AP) — The biggest story in the stock market Monday was Apple, but that wasn’t saying much. Stocks barely moved.
Apple was one of the only shreds of action in an otherwise dull market. The stock shot to an all-time high of $680.87 and finished at $675.68, up $12.46, or 1.9 percent.
The Nasdaq composite index and Standard & Poor’s 500 index are weighted by stock market value, so the biggest companies are the most important. A small change in Apple can influence the market more than big swings by smaller companies.
Apple makes up more than 13 percent of the Nasdaq composite, and helped the index grasp a slight gain, rising 3.4 points to 3,073.19. It makes up 5 percent of the Standard & Poor’s 500 index, which finished down 0.69 point to 1,410.44.
The Dow Jones industrial average, which does not include Apple, fell 33.30 points to 13,124.67.