United States stocks close lower as Apple slumps

  • United States stocks close lower as Apple slumps

United States stocks close lower as Apple slumps

The major USA stock indexes closed mostly higher Wednesday, led by gains in energy and industrial companies.

The Dow Jones Industrial Average fell 7.50 points, or 0.03 percent, at the open to 24,657.39.

The Nasdaq sunk 91.93 (-1.27 percent) to close at 7,146.13, while the S&P 500 finished trading at 2,670.14, down 22.99 (-0.85 percent) for the day.

USA stocks veered broadly lower in midday trading, extending the market's modest losses from a day earlier.

On other corporate news, Apple's shares dropped 4.10 percent to 165.72 dollars apiece Friday, notching the biggest laggard among the Dow components, after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street. Apple lost 3.4 percent.

Shares of Atlassian Corporation tumbled 6.53 percent to 58.21 dollars apiece after the software maker with headquarters in Sydney and San Francisco posted disappointing quarterly results.

The Russell 2000 index of smaller-company stocks picked up 3.76 points, or 0.2 percent, to 1,583.56.

The Dow is up 387.93 points, or 1.6 percent.

Bond prices fell. The yield on the 10-year Treasury rose to 2.93 percent.

The Nasdaq is up 188.59 points, or 2.7 percent. The S&P 500 was holding on to a weekly gain of 0.3%, while the Nasdaq boasts a rise over the 5-session period of 0.4%.