Stocks edged lower Wednesday, one day after the Dow Jones industrial average had its best day this year. Analysts say concerns about lifting the U.S. debt limit overshadowed 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 15.51 points, or 0.1 percent, to close at 12,571.91.
The S&P 500 index dropped 0.89 point to 1,325.84.
The Nasdaq fell 12.29 points, or 0.4 percent, to 2,814.23.
For the week:
The Dow is up 92.18 or 0.7 percent.
The S&P is up 9.70 or 0.7 percent.
The Nasdaq is up 24.43, or 0.9 percent.
For the year to date:
The Dow is up 994.40 or 8.6 percent.
The S&P is up 68.20 or 5.4 percent.
The Nasdaq is up 161.36, or 6.1 percent.