NEW YORK (MarketWatch) � U.S. stocks ended a volatile week mostly higher, with solid earnings reports from some of the nation�s biggest firms trumping ongoing political and economic turmoil in Europe.
But a drop in high-flier Apple brought the Nasdaq up short for the week .
The Dow Jones Industrial Average DJIA � and the S&P 500 SPX � both managed to post small gains this week, but the Nasdaq Composite COMP , pressured by Apple, fell.
The Dow ended the week up 1.4% and the S&P 500 added 0.1%, while the Nasdaq Composite shed 0.2%.
As for Apple AAPL �, it fell under $580 on Friday, dragging the company more than 10% below a recent record high of $644. That fall off its highs is often termed a technical correction among stock strategists � a trend break that can usher in steeper losses.
�Our work suggests that this is just the beginning of the first meaningful correction in Apple since the 2009 bottom. A close below $580 should set the stage for a fast move down to $525,� said Richard Ross, chief technical strategist at Auerbach Grayson & Co.
Not everyone agrees: selling Apple is a �sucker�s play,� according to columnist Jon Friedman. Read commentary on Apple.
Also please be sure to watch our Week Ahead videos.
Europe Week Ahead: France, Spain and Carmakers
U.S. Week Ahead: Apple and the Fed
� Greg Morcroft, assistant managing editor
Correction arrives as key trend line breaksNow that the S&P 500 has broken its six-month trend line, and the Dow has dipped under 13,000 and moved below its 50-day moving average, the chances are pretty good that we have now entered into a long anticipated correction. Read MarketWatch commentary on entering correction zone
Taxes: Are you paying your fair share?Do you pay your fair share in taxes? Even as President Barack Obama pitches the �Buffett rule� to ensure that millionaires pay at least a 30% tax rate, some commentators are decrying the fact that about half of U.S. taxpayers don�t pay any federal income tax. But our tax system is more complex than any sound bite or simplistic headline can illustrate. Read Andrea Coombes� Taxwatch column, on MarketWatch
Improved markets lift Citi profit, revenueCitigroup Inc.�s C �first-quarter profit remained virtually flat from a year earlier at $2.9 billion as revenue, particularly from equity and debt capital markets operations, improved from the fourth quarter.In a quarter clouded by a tangle of one-time charges related to the value of Citi�s own debt, various divestitures, and a reduction of the reserves set aside for future loan losses, the bank was still able to eke out improvements in all three of its lines of business. Read MarketWatch coverage of Citigroup results
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