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| Apple lifts Nasdaq in cautious market |
| Press Trust of India / New York Jan 25, 2012, 21:10 IST |
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 The Dow and S&P 500 fell on Wednesday as concerns over Greek debt talks halted a strong rally, but the Nasdaq rose on forecast-beating results from Apple Inc.
The Dow Jones Industrial Average was down 82.65 points, or 0.65%, at 12,593.10. The Standard & Poor's 500 Index fell 4.74 points, or 0.36%, at 1,309.91. The Nasdaq Composite Index was up 6.76 points, or 0.24%, at 2,793.40.
Apple was a standout in what has otherwise been a fairly lackluster earnings season. So far, 58% of companies have beat forecasts while at this stage in past earnings seasons, 70% topped estimates.
After weeks of bargaining, deadlocks and an intervention by euro zone ministers, Greece and its bondholders may resume talks on clinching a bailout and avoiding a messy default as soon as next week.
The euro fell from session highs against the dollar on worries the European Central Bank may need to take losses on its Greek bond holdings. A high correlation between stocks and the euro has diminished in recent weeks but is apt to reassert itself in times of concern about Europe.
"We are getting a taste of what we suffered through last year where day-to-day we had solid fundamental improvement from the bottom up but bigger-picture concerns will tend to undermine that progress," said Jack Ablin, chief investment officer, Harris Private Bank in Chicago.
Apple was up 6.2% to $446.40, a new record high, after its quarterly results blew past expectations as consumers snapped up near-unprecedented numbers of iPhones and iPads, sending its shares into record territory.
The S&P 500 has rallied over 20% since lows in October of last year on signs of improvement in the US economy and an easing of credit conditions in Europe.
Countering Apple there was more weakness in industrial names. Shares of Corning Inc fell 10% to $13.18 as manufacturers cut back on the production of big-screen televisions that use the company's specialty glass.
The US Federal Reserve, holding a two-day policy meeting that ends later Wednesday, looks set to keep monetary policy on hold even as it releases forecasts expected to show interest rates will be near zero for at least two more years.
Roche Holding AG made a hostile bid for US gene sequencing company Illumina Inc, a major play by the Swiss drugmaker into the gene technology field. Illumina rose 43% to $53.80.
Planemaker Boeing Co's quarterly profit rose on stronger commercial airplane deliveries, but its 2012 earnings forecast was lower than expected and its shares fell nearly 3% to $73.10.
Diversified US manufacturer Textron Inc reported a quarterly loss after taking a hefty charge but raised its 2012 profit forecast. Its shares were up nearly 14% to $24.60.
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