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The major market averages trade just near their worst levels of the session as selling has begun to pick up in early afternoon action. Selling continues to have a great impact on the broad-based S&P 500 which is currently trading down 0.7%. The other major averages trail just behind with the Nasdaq off 0.6% and the Dow lower by 0.4%.
Shares of Apple (AAPL 341.11, -2.33) are seeing a sell-the-news reaction to the Apple Worldwide Developers Conference. At the conference CEO Steve Jobs made his first public appearance since March, and highlighted the new OS X Lion operating system for Macs, as well as the iOS 5 operating system for mobile devices, and their new iCloud Internet media service. Shares of the stock have been range bound between $330 and $360 for most of 2011.
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