NEW YORK (AP) — At $660 billion, Apple is the stock market’s heavyweight.
Like a handful of other “big cap” companies such as Microsoft and Exxon Mobil, the iPhone maker’s market value means that when its shares move, so can the market. And these are the companies that influence your stock portfolio.
“The combination of Apple’s size and price moves, results in an enormous impact on indices,” says Howard Silverblatt, a senior index analyst for S&P Dow Jones Indices.
Lately, Apple’s influence has been a drag.
Since closing at a record $133 on February 23, Apple has slumped to $116.