Tech Stocks, Eurozone Economy Pull US Markets Lower
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Hemera/Thinkstock(NEW YORK) — Gloomy prospects for Europe’s economy and a sagging technology sector weighed on U.S. markets Monday.
When the powerhouse of the European economy, Germany, loses confidence for a fifth straight month the world pays attention. Some economists say Germany is headed for a recession. U.S. markets also took a hit Monday from tech shares.
The Dow lost 20 points to close at 13,559, while the Nasdaq lost 19 points and the S&P closed down three points.
Apple led the tech sector lower, after Apple reported it sold 5 million of its iPhone 5 in the first three days. Analysts were expecting 8 million sold.
Google shares, however, hit an all-time high. The company’s stock closed up two percent at 749.50. Many iPhone users aren’t happy with the new “maps” application that replaced Google Maps. Now Apple’s scrambling to hire rival Google’s former map experts to fix the errors and omissions.
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