US stocks fell on Friday, with the Nasdaq weighed down by another drop in shares of Apple, and as the overhang of "fiscal cliff" negotiations kept buying to a premium. Apple slid 4 percent to $508.75 after UBS cut its price target on the stock to $700 from $780. The most valuable US company has seen its stock hit hard in the last three months, and it fell on Friday after a tepid reception for iPhone 5 in China.

The S&P Information Technology Index dropped 0.9 percent as Apple fell and Jabil Circuit Inc lost 6.2 percent to $17.38 after UBS cut its price target. The Dow Jones industrial average slipped 24.09 points, or 0.18 percent, to 13,146.63. The Standard & Poor's 500 Index lost 4.81 points, or 0.34 percent, to 1,414.64. The Nasdaq Composite Index fell 15.50 points, or 0.52 percent, to 2,976.66.

Copyright Reuters, 2012