Political, economic and foreign crosscurrents resulted in a lower opening
yesterday. But much like Monday, buyers arrived in enough strength to take back
a significant portion of the early losses. Greece's debt-reduction talks with
its creditors were the main reason for the early weakness, but buyers snapped up
some bargains in the technology sector. At the close, the Dow Jones Industrial
Average was off 33 points to 12,675, the S&P 500 fell just over 1 point to
1,315, and the Nasdaq rose 2 points to 2,787. The NYSE traded 741 million shares
and the Nasdaq crossed 443 million. Breadth was slightly positive on both
exchanges with advancers ahead of decliners by 1.2-to-1 on the Big Board and
1.5-to-1 on the Nasdaq. After the closing bell, Apple (NASDAQ: AAPL ) blew the
cover off the ball by announcing that they had sold 37 million iPhones in the
December quarter while analysts had predicted that 30 million would be sold. The
enormous sales gains resulted in their "best quarter ever," according to
Apple's CEO.
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