Apple drops on Nasdaq

Published:  17 Apr at 6 PM

As reported by Business Week, although Apple had been propelling the Nasdaq forward for most of the year, it has been doing just the opposite during the past few days.

The Nasdaq composite index, in which Apple accounts for 12%, was down on Monday afternoon, and dragged lower by the company’s fifth straight day of regression. This was a sharp contrast from the two other major indexes.

Rising throughout the day, the Dow Jones industrial average figure, which excludes Apple, was up 112 points during afternoon trading. The Standard & Poor's 500, which includes Apple but offers it a much lower influence than the Nasdaq does, swung between small losses and gains.

Apple was on a good luck run during the first three months of 2012 thanks to the major popularity of its iPads and iPhones. From January – March, the stock went up 48% from $405 to around $600, driving the Nasdaq's 19% rise.

Mark Lamkin, who is CEO of Lamkin Wealth Management, called it a “very quirky market”, explaining that it has been a few big firms this year which have generated most of the rally. It has not been a very broad-based rally, he added.