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Apple's momentum has once again been halted, this time by inflation worries. According to a Reuters report:
"The world has to be worried about a (monetary) tightening and the market is overextended. We have some averages up 40 percent" since October, said Courtney Smith, chief investment officer at Orbitex Management.
The market was on an inflation watch. On Friday, the government is due to report the May Producer Price Index and next Wednesday, the Consumer Price Index will be released.
Apple closed at 48 1/8, down 5/16 or 0.65%. Volume was moderate with 2,825,100 shares trading hands.
Inflation worries took their toll on Apple's PC competitors as well with IBM, Dell, Compaq, Gateway 2000 all closing down. Hewlett Packard managed a mild gain.
Both the Dow and Nasdaq also took damage, largely due to the same inflation worries plaguing the tech sector. The Dow closed at 10621.27, down 69.02 the Nasdaq closed at 2484.62, down 34.73.
Apple
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