Thursday, 27 October 2016

Apple Weighs on Wall Street

Apple's results weighed on US stock prices on Wednesday after the technology giant posted its first annual revenue decline since 2001, while oil and gold prices slipped. Apple, the world's largest company by market capitalization, fell 2.2 percent after it acknowledged strong demand for its iPhone 7 Plus caught the company off-guard and it was struggling to keep up with demand. 

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The technology giant pulled down the S&P 500 stock index and Nasdaq, but gains in Boeing bouyed the price-weighted Dow Industrials. Boeing shares were trading at their highest level this year, after the world's largest planemaker reported a jump in quarterly profit despite slower sales. 

The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.


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