Stock Market Bulls Resilient in Face of Apple’s Angst

Major U.S. stock indexes and ETFs, except for Nasdaq, shake off Apple’s crash.

Apple Computer (NASDAQ:AAPL) tumbled 12.53% on negative reaction to yesterday’s earnings report, dragging the stock to $450.50, down 35.8% from its September high of $702.

However, most major indexes managed to shake off the carnage with the Dow Jones Industrial Average (NYSEARCA:DIA) gaining 0.33%, the S&P 500 (NYSEARCA:SPY) finishing flat and the Russell 2000 (NYSEARCA:IWM) gaining 0.39%.  The Nasdaq 100, (NYSEARCA:QQQ) however, was unable to escape Apple’s downdraft as the index dropped 1.4%.

The S&P 500 (NYSEARCA:SPY) challenged the psychologically and technically important 1500 level, climbing to a high of 1502 during the trading day before falling back below that level into the close.

The S&P 500 (NYSEARCA:SPY) has been here twice before, in 2000 and 2007, and both times failed to move much higher with significant bear market declines ensuing shortly thereafter…