Highs and Lows

Dow Closes Over 13,000

As Apple posts worst drop in four years.

The Dow and S&P 500 closed high on Wednesday, with the Dow finishing above 13,000. But not all the news was good for investors: Apple fell more than 6 percent – the worst one-day decline for the company since 2008. The drop came after news broke that COR Clearing is raising the company’s margin requirements from 30 to 60 percent. Apple has now fallen more than 20 percent from its record high of $705 in September. Apple is close to forming a so-called ‘death cross,’ in which its 50-day moving average would fall below the 200-day moving average. Normally, the death-cross is taken as a sign by investors to sell. But then again, this is Apple.