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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.

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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.

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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.