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Stocks fall on concern about economy, budget fight

6:12 AM, Sep 24, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) -- Concerns about the strength of the economy and the potential for a budget fight in Washington have been weighing on the stock market.

Investors initially cheered the Federal Reserve's decision last Wednesday to keep its huge stimulus program in place. But they're since focused on the central bank's gloomier outlook for growth and fretting that the economy may be weaker than they thought.

The Dow and the S&P 500 both slid for the third straight session. The bluechip index closed nearly 50 points lower at 15,401. The S&P 500 dropped eight points to 1,701, and the Nasdaq lost nine, finishing at 3,765.

Apple was one of the day's big movers, jumping $23.23, or 5 percent, to $490.60. The surge followed Apple's announcement that it sold 9 million units of its top-of-the-line iPhone 5S and less-expensive iPhone 5C during their first three days on sale. That's almost double the number of units last year's iPhone model sold.

Associated Press

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