Banking and mining weigh on European shares
Apple’s results weighed on US equities after technology giant posted its first annual revenue decline since 2001
New York — Apple’s results weighed on US equities on Wednesday after the technology giant posted its first annual revenue decline since 2001, offsetting a boost from Boeing’s strong profit, while oil prices recovered from steep early losses. Shares of Apple, the world’s most valuable public company, fell as much as 3.7% — set for their worst day in six months — after the company said sales of its flagship iPhones fell for the third quarter in a row. "The earnings season, on balance, has been much better than expected, said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets. "But the glaring difference this quarter is that companies which meet or beat expectations get rewarded modestly while those that miss are seeing a more severe reaction." The Dow Jones industrial average rose 46.74 points, or 0.26%, to 18,216.01, the S&P 500 lost 0.66 points, or 0.03%, to 2,142.5 and the Nasdaq Composite dropped 15.39 points, or 0.29%, to 5,268.01. Excluding Apple, earnings a...
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