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Monday
Sep162013

The Dow Begins the Week with a Surge; Apple Shares Slide

iStockphoto/Thinkstock(NEW YORK) -- The Dow Jones Industrial Average started a new trading week with a triple-digit gain, climbing 118 points on Monday to close at 15,494.78.

Investors say the main reason for Monday’s surge was the news that former Treasury secretary Larry Summers had withdrawn his name from consideration to become the next head of the Federal Reserve.
 
The Dow has now closed higher 10 of the last 13 trading days, and, so far in September, it's up close to 5 percent.  Year to date, the blue chips index is now up 18 percent.
 
Apple was not a winner Monday. Shares of the company that makes the iPhone fell 3 percent Monday, or roughly $15 a share.  Over the last week, Apple stock has dropped over 11 percent -- that’s a slide of more than $50 a share. The stock closed Monday at $450. This drop has all come after last week’s introduction of two new iPhones.  
 
Copyright 2013 ABC News Radio