Stocks ended lower on Wall Street, putting the market into the red for the week.
Traders were discouraged by a lack of progress on budget talks in Washington, and Apple dropped following a disappointing debut of the iPhone 5 in China. Apple fell 4 percent after the launch of its latest iPhone in Beijing failed to draw the long lines that showed up for previous versions.
Falling stocks outpaced rising ones on the New York Stock Exchange. Volume was slightly weaker than the recent average at 3.2 billion shares. Investors remain confident the two sides will reach a deal soon on the fiscal cliff, said Todd Morgan, a founder of Bel Air Investment Advisors in Los Angeles.
News Tribune news services
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