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Apple slips 3.6%, holds back S&P 500

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The Dow rose slightly Monday, but Apple held down the S&P 500, pushing it further below the five-year high the index reached Thursday, following a solid start to the US corporate earnings season. Apple sank 3.6% on worries that demand for the iPhone 5 may be weaker than expected. The Wall Street Journal said Apple has cut its orders for iPhone 5 components. The stock has slumped 28% since closing at a record $702.10 in September. Earnings reporting will pick up this week, with many big banks posting results. ‘The market is definitely in wait-and-see mode,’ said Brian Gendreau, a market strategist at Cetera Financial Group.

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