Stocks Close Flat After Disappointing Apple Earnings

Category: Markets / Finance / Oct 26, 2012 7:17PM EDT
Wall Street closed flat on Friday after disappointing earnings from Apple Inc. were offset by economic data showing the U.S. economy expanded more than forecast in the third-quarter. The Commerce Department said on Friday that U.S. gross domestic product expanded at a 2.0 percent annual rate in the third-quarter, an improvement from the second quarter's 1.3 percent pace. Separate data showed that consumer sentiment rose to its highest level in five years in October. The University of Michigan's final reading on the overall index on consumer sentiment rose to 82.6 from 78.3 in September, its highest level since September 2007. Apple hit a session low of $591 on Friday but pulled back to end the day down 0.91 percent to $604 after the company reported lower-than-expected earnings late Thursday.