Stocks Extend Slump Into 4th Day

Stocks Extend Slump Into 4th Day

NEW YORK (AP) -- Stocks are edging lower Tuesday afternoon, extending a slump that has brought the market lower for the past four trading days.

Tech stocks fell, led by a decline in Apple after analysts at Credit Suisse said a slowdown in the company's orders for components suggested weak demand for the new iPhone 6s. Utility stocks traded higher after taking losses in recent weeks.

KEEPING SCORE: The Dow Jones industrial average was down 29 points, or 0.3 percent, to 17,701 as of 1 p.m. Eastern time. The Standard & Poor's 500 index fell three points, or 0.2 percent, to 2,075. The Nasdaq composite gave up 29 points, or 0.6 percent, to 5,066.

APPLE DIP: Apple lost $3.69, or 3.1 percent, to $116.88 after Credit Suisse said Apple cut orders for some components in Asia by up to 10 percent, suggesting weak demand for the iPhone 6s. Apple reported a quarter of record earnings just two weeks ago, boosted by surging sales in China.

TECH SLIP: Apple's loss weighed down tech stocks. Tech stocks have had a strong year, rising more than 6 percent, the second-best industry gain in the S&P 500.

HEALTHY GAINS: Health care stocks advanced. Botox maker Allergan and insurer UnitedHealth were among the gainers. Allergan, which has held talks with competitor Pfizer about a potential sale, rose $6.58, or 2.2 percent, to $303.40. UnitedHealth added $1.66, or 1.5 percent, to $115.92.

MIXED BAG: Gap lost $1.11, or 4 percent, to $26.58 after the retailer posted disappointing results for October, including lower overall sales. Rockwell Automation fell $4.83, or 4.5 percent, to $102.96 after the industrial equipment and software maker's earnings came in short of what analysts were looking for.

Homebuilder D.R. Horton rose $2.23, or 7.8 percent, to $31 after its fiscal fourth-quarter results surpassed analyst estimates.

CHIPOTLE: Chipotle Mexican Grill's restaurants in Washington state and Oregon could reopen in a few days after health officials said they did not find a source for an E. coli outbreak that was related to the company. Shares of Chipotle rose $8.51, or 1.4 percent, to $617.80.

BONDS: Bond prices didn't move much. The yield on the 10-year Treasury note dipped to 2.32 percent from 2.34 percent a day earlier.

OVERSEAS: Investors were spooked by more signs of a slowdown in the world economy. China's inflation rate fell. That's a sign of economic weakness, though it should give China's central bank space to offer more stimulus.

The Organization for Economic Cooperation and Development warned that slower growth in emerging market economies and world trade has weakened global growth.

ENERGY: Benchmark U.S. crude rose 55 cents, or 1.3 percent, to $44.42 a barrel in New York. Brent crude, a benchmark for international oils, four cents to $47.23 a barrel in London.

CURRENCIES: The dollar rose to 123.17 yen from 123.11 yen on Monday. The euro slipped to $1.0702 from $1.0758.

(KA)