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Oil shares, Apple lead US stocks lower

NEW YORK: Petroleum-linked shares retreated Friday on lower oil prices and Apple fell on a report of sluggish iPhone sales as US stocks finished a solid week on a down note.

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The Dow Jones Industrial Average fell 28.97 points (0.16 percent) to 17,897.46.

The broad-based S&P 500 dropped 2.05 (0.10 percent) to 2,080.73, while the tech-rich Nasdaq Composite Index shed 7.67 (0.16 percent) at 4,938.22.

Petroleum producers ConocoPhillips and Apache shed 1.2 percent and 1.7 percent, respectively, as oil prices tumbled on expectations that this weekend’s key producers meeting will not do much to address a global supply glut.

Apple sank 2.0 percent following a report in Nikkei Asian Review that the tech giant was curtailing iPhone production in the April-June quarter due to weak sales.

Analysts said the market was also primed to give back some gains from earlier in the week.

Citigroup finished down 0.1 percent as it reported a 26.6 percent drop in first-quarter profits to $3.5 billion in results that bested expectations. The giant bank increased its reserves for bad energy loans by $233 million.

Other large banks also fell, giving back some of their gains from earlier in the week. Dow member JPMorgan Chase, Bank of America and Wells Fargo all lost about 1.2 percent.

Yahoo fell 1.8 percent following a report in The New York Times that it has declined to share important financial details with potential suitors.

Big-box chain Costco Wholesale rose 1.2 percent as it lifted its quarterly dividend by five cents to 45 cents per share. –AFP

 

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