Stock market shakes off surging oil, retail rally to finish lower as Apple’s stock weighs

The Dow Jones Industrial Average ended lower on Tuesday as a decline in Apple Inc., helped to drag the benchmark, and the broader market, lower a day after the Christmas holiday. The Dow closed off less 0.1% lower at 24,746, the S&P 500 index ended down 0.1% at 2,680, while the Nasdaq Composite Index finished off 0.3% at 6,936, as Apple’s stock decline spilled over into the technology sector. Apple’s shares provided the biggest downside impetus, finishing down 2.5% and cutting some 30 points from the price-weighted Dow on the back of a report of tepid iPhone X demand. Meanwhile, crude-oil prices in the U.S. ended up 2.6%, at $59.97 a barrel, briefly touching $60 and marking its highest settlement sine late June 2015. That surge in crude supported the energy sector , which posted the best daily return of the S&P 500’s 11 sectors, up 0.8%. Separately, retail shares, including Kohl’s Corp. and Macy’s Inc. enjoyed sharp holiday gains on reports of better-than-expected Christmas sales. Still, the rally in oil and retailers wasn’t enough to push the main equity benchmarks to a positive finish for the session.

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From:: Stock Market News

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