Wednesday, 31 August 2016

Wall Street Weighed by Apple but Banks shine on

Apple Inc was the largest weight on US stock indexes on Tuesday after antitrust regulators ordered the company to pay about USD 14.5 billion in back taxes to the Irish government, but gains in bank shares partly offset the decline.


The S&P 500 fell for the fourth time in five sessions, but was still within 1 percent of its record closing high set earlier this month. Cyclical sectors, which are expected to perform better in an expanding economy, have taken the lead in the past few weeks as economic data paints a rosier picture of the U.S. economy. 


US consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market. Payrolls data on Friday could strengthen the case for higher US interest rates, as has been hinted over the past week by Federal Reserve officials. 


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