News Summary: Stocks edge up as retailers rally

AP News
Posted: Jan 15, 2013 5:16 PM

RETAIL IS DETAIL: A rally in retail stocks helped reverse early declines caused by tension flaring in Washington over the U.S. government's borrowing limit. Stocks including J.C. Penney, Dollar General and Ford rose, pushing major indexes higher.

TROUBLE BREWING: Signs are emerging that lawmakers in Washington are gearing up for a fight over raising the U.S. debt ceiling. That's making investors nervous.

LONG WAY DOWN: Apple continued its descent, closing below $500 for the first time in almost a year. Broker Nomura cut its prices target for the stock to $530 and lowered its estimate for iPhone 5 sales.