NEW YORK (AP) — Apple, the most valuable company in the U.S., slumped Friday, helping to drag down the stock market. A lack of progress in federal budget talks also discouraged investors.

Apple’s stock dropped 4 percent after the launch of the iPhone 5 in Beijing failed to draw the long lines of customers that showed up for previous versions, according to news reports. Analysts at UBS cut their earnings estimates and price target for Apple, which lost $19.90 to close at $509.79.

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