reporter: it s known as the apple effect. apple s stock is up; so is the broader market. apple shares fall; major averages drop, too. the world s most valuable company makes up nearly 5% of the s&p 500 index. thanks to apple s huge gain this year, the s&p is up 14%. on the other hand, the apple-less dow is up only 9%. and don t forget the tech-heavy nasdaq. apple accounts for 13% of the weighting in that index. thanks to the shine in apple shares, the nasdaq is up 19% this year. with apple s outsized influence on the market, a warm welcome for iphone 5 tomorrow might make more than apple shareholders happy. but some market pros say it s a stretch to think apple has kidnapped the stock market. i would not argue that, as apple goes, so goes the market. i think there s a lot of other sectors that we re also paying attention to. and granted, we ve been overweight the technology sector, but we re also overweight things like materials and the consumer discretionary sectors.
this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt susie: good evening everyone. it was a day of watching and wondering on wall street. watching for progress in washington on debt talks. and, tom, wondering what would happen to financial markets if there s no deal by president obama s friday deadline. tom: susie, so far the u.s. stock market has been fairly resilient, supported by a steady stream of strong corporate earnings. after yesterday s huge rally, the dow dropped only 15 points today. the nasdaq lost 12 and the s&p 500 slipped almost a point. susie: still, many experts say investors should brace for a wild ride if lawmakers are unable to reach a deal and the u.s. defaults on its debt. erika miller reports on just how violent that reaction might be. reporter: in midtown manhattan, the national debt clock looms, highlighting the amount of money owed by the u.s. government. the clock is also tick
this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt susie: good evening everyone. it was a day of watching and wondering on wall street. watching for progress in washington on debt talks. and, tom, wondering what would happen to financial markets if there s no deal by president obama s friday deadline. tom: susie, so far the u.s. stock market has been fairly resilient, supported by a steady stream of strong corporate earnings. after yesterday s huge rally, the dow dropped only 15 points today. the nasdaq lost 12 and the s&p 500 slipped almost a point. susie: still, many experts say investors should brace for a wild ride if lawmakers are unable to reach a deal and the u.s. defaults on its debt. erika miller reports on just how violent that reaction might be. reporter: in midtown manhattan, the national debt clock looms, highlighting the amount of money owed by the u.s. government. the clock is also tick
this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt susie: good evening everyone. it was a day of watching and wondering on wall street. watching for progress in washington on debt talks. and, tom, wondering what would happen to financial markets if there s no deal by president obama s friday deadline. tom: susie, so far the u.s. stock market has been fairly resilient, supported by a steady stream of strong corporate earnings. after yesterday s huge rally, the dow dropped only 15 points today. the nasdaq lost 12 and the s&p 500 slipped almost a point. susie: still, many experts say investors should brace for a wild ride if lawmakers are unable to reach a deal and the u.s. defaults on its debt. erika miller reports on just how violent that reaction might be. reporter: in midtown manhattan, the national debt clock looms, highlighting the amount of money owed by the u.s. government. the clock is also tick
this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt susie: good evening everyone. it was a day of watching and wondering on wall street. watching for progress in washington on debt talks. and, tom, wondering what would happen to financial markets if there s no deal by president obama s friday deadline. tom: susie, so far the u.s. stock market has been fairly resilient, supported by a steady stream of strong corporate earnings. after yesterday s huge rally, the dow dropped only 15 points today. the nasdaq lost 12 and the s&p 500 slipped almost a point. susie: still, many experts say investors should brace for a wild ride if lawmakers are unable to reach a deal and the u.s. defaults on its debt. erika miller reports on just how violent that reaction might be. reporter: in midtown manhattan, the national debt clock looms, highlighting the amount of money owed by the u.s. government. the clock is also tick