Us stocks closing: U.S. stocks fell on Friday as another slide in Apple took a toll and investors unloaded some shares because of the uncertainty surrounding the "fiscal cliff" negotiations.
For the Nasdaq, this marked the second losing week in a row.
All three major U.S. stock indexes ended the week slightly lower.
Apple's stock slid 3.8 percent to $509.79 after UBS cut its price target on the stock to $700 from $780. The stock of the most valuable U.S. company has been hit hard in the last three months. On Friday, Apple's stock fell after a tepid reception for the iPhone 5 in China.
The S&P Information Technology Index lost 1 percent as Apple fell and Jabil Circuit Inc shed 5.5 percent to $17.51 after UBS cut its price target.
The possibility of a fiscal cliff deal not taking place until early 2013 is rising. The back-and-forth negotiations over the fiscal cliff in Washington have kept markets on hold in what would already be a quiet period for stocks.
"We're faced with uncertainty ... and that's going to continue now into January. It basically puts everybody on hold and (you) just have the markets kind of thrash around," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.
President Barack Obama and U.S. House of Representatives Speaker John Boehner held a "frank" meeting on Thursday at the White House to discuss how to avoid the tax hikes and spending cuts set to kick in early in 2013.
The Dow Jones industrial average slipped 35.71 points, or 0.27 percent, to 13,135.01 at the close. The Standard & Poor's 500 Index fell 5.87 points, or 0.41 percent, to 1,413.58. The Nasdaq Composite Index lost 20.83 points, or 0.70 percent, to close at 2,971.33.
For the week, the Dow slipped 0.2 percent, while the S&P 500 fell 0.3 percent and the Nasdaq declined 0.2 percent.
Among other Nasdaq decliners, shares of chipmaker Qualcomm slid 4.7 percent to $59.83. A semiconductor index dropped 0.7 percent.
American Express Co shares fell 1.9 percent to $56.65 and ranked as the heaviest weight on the Dow.
Investors are concerned that going over the cliff could tip the economy back into recession. While a deal is expected to ultimately be reached, a drawn-out debate - like the one over 2011's debt ceiling - can erode confidence.
Best Buy Co Inc slid 14.7 percent to $12.05 after the electronics retailer agreed to extend the deadline for