Stocks slip on Wall Street; Best Buy drops

Friday, December 14, 2012, Vol. 36, No. 50
The Associated Press

Stocks are ending lower on Wall Street, putting the market into the red for the week.

Traders were discouraged by a lack of progress on budget talks in Washington, and Apple dropped following a disappointing debut of the iPhone 5 in China.

The Dow Jones industrial average fell 36 points to close at 13,135 Friday.

The Standard & Poor's 500 index fell six points to 1,414 and the Nasdaq composite gave up 21 points to end at 2,971.

Apple fell 4 percent after the launch of its latest iPhone in Beijing failed to draw the long lines that showed up for previous versions.

Falling stocks outpaced rising ones on the New York Stock Exchange. Volume was slightly weaker than the recent average at 3.2 billion shares.