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Apple drags on S&P, Nasdaq

Monday, December 28, 2015 - 01:23

Stocks were hurt by a steep drop oil prices as well as a dip in Apple shares, pushing the S&P 500 back into negative territory for 2015. Bobbi Rebell reports.

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Stocks started the week in the red with Apple a big drag on both the S&P 500 and the Nasdaq. Oil also weak - U.S. Crude futures fell more than three percent. Convergex's Nick Colas: SOUNDBITE: NICK COLAS, CHIEF MARKET STRATEGIST, CONVERGEX IN (ENGLISH) SAYING: "It seems to be the biggest single factor is the market volatility today. You know, oil prices look like they had bottomed earlier this month $34, $35 a barrel. Now it looks like it's gonna have to retest that at the very least before the market really believes it. So, we're in for a bit of a tough ride with oil, and, therefore, stocks for a couple days at least." Shares of Valeant Pharmaceuticals came back from losses of as much as ten percent to close down just slightly. The Canadian company's CEO is taking a medical leave for severe pneumonia. Shares of Fitbit got a lift on reports its Apple iOS app was the most downloaded after Christmas, suggesting strong holiday demand. The Force Awakens pushed Disney shares higher after the latest Star Wars installment reached $1 billion in ticket sales. Chimerex shares plunged after its antiviral drug failed in a late stage study. Shares of Amazon rose. The e-commerce giant added three million subscribers to its Amazon Prime service during the third week of December. European shares fell on Monday in their first day of trade since the Christmas break, with a sharp decline in crude oil prices. London was closed for a holiday.

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Apple drags on S&P, Nasdaq

Monday, December 28, 2015 - 01:23