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Stocks dip after biggest day in a year

Apple Inc. rose 2.7 percent after the company announced strong earnings for the second quarter. At close, the Dow had lost 16 points, the S&P 500 was down less than one point, and the Nasdaq dropped 12 points.

Traders work on the floor of the New York Stock Exchange, July 20, 2011. Stocks slipped on Wednesday after stellar performances on Tuesday.

Brendan McDermid / Reuters

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NEW YORK (AP) — Stocks are edging lower at the close as concerns about lifting the U.S. debt limit trumped strong earnings from Apple and a slew of new deals.

Apple Inc. rose 2.7 percent Wednesday after the company's income doubled last quarter. Sales of Apple's iPhones quadrupled in Asia.

The stock of Zillow, a real estate website, jumped 79 percent in its first day of trading. Zillow's initial public offering priced at $20 late Tuesday.

The Dow Jones industrial average fell 16 points, or 0.1 percent, to close at 12,572.

The S&P 500 index dropped less than 1 point to 1,326. The Nasdaq fell 12 points, or 0.4 percent, to 2,814.

Rising stocks outpaced falling ones by a small margin on the New York Stock Exchange. Trading volume was below average.


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