AP News

Stocks lower; Apple falls after missing a target

NEW YORK (AP) — Stocks are lower at midday on Wall Street.

The Dow Jones industrial average is off 33 points at 13,545. The Standard & Poor's 500 index is down five at 1,455. And the Nasdaq composite index is down 23 at 3,157.

Apple stock is off more than $10, about 1.5 percent, after sales of its iPhone 5 over the weekend came in below some analyst estimates.

There's also discouraging economic news out of Europe. An index of German business confidence has fallen for a fifth straight month. Germany is the powerhouse of the European economy, but some economists think it's headed for a recession.

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