11/14/2018, 10:01 PM (Source: TeleTrader)
more TeleTrader news

Dow dives over 200 pts on close led by Apple, banks

Stocks on Wall Street finished the trading session on Wednesday in the red territory, as the dip in Apple shares together with big banks and other tech firms dragged the indices down. The iPhone manufacturer saw its stocks tumble over 3% during the session as investors lost confidence following the news that the additional production lines of the new iPhone Xr have been cut. The banking sector also suffered losses following the remark by the new chairwoman of the House financial services committee Maxine Waters that "weakening regulations" will "come to an end." On the other side of the Atlantic, London and Brussels announced a backstop deal for avoiding the hard border with Ireland, leaving a long-term agreement to be negotiated later on.

The Dow Jones Industrial Average index was down 0.81% at the end of the session. Insurer The Travelers Companies traded worse than others, losing 2.97%. As the second worst, Apple slid 2.82%. Microsoft followed with a 1.84% decline, while Cisco Systems edged down by 1.75% ahead of its earnings report. JPMorgan and Goldman Sachs decreased 2.06% and 1.25%, respectively.

The Nasdaq 100 declined 0.89% at the closing bell, with Mylan as the worst performer, down 4.28%, as the S&P 500 lost 0.75%. The sharpest fall by far was recorded by Pacific Gas and Electric Company, down 21.79%.

The euro traded flat against the dollar, buying $1.13200 at 10:03 pm CET.

Breaking the News / NI