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Apple drags down Wall Street

Friday, September 22, 2017 - 01:13

Tech stocks like Apple pulled the big market indexes lower Thursday. As Fred Katayama reports, the Dow snapped its nine-day winning streak.

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Apple and other tech stocks drove Wall Street lower Thursday. So too did rising expectations for a third rate hike this year following the Fed meeting yesterday. The Dow snapped its nine-day winning streak. First Franklin Financial Services' Brett Ewing: SOUNDBITE: BRETT EWING, CHIEF MARKET STRATEGIST, FIRST FRANKLIN FINANCAIL SERVICES, (ENGLISH) SAYING: "Market could just be taking a pause just to digest everything that transpired yesterday with the Fed statement and allows individuals to take a look forward." Shares of Citigroup, JPMorgan, and Goldman Sachs among the climbers. Banks tend to do well when interest rates rise. The Fed's signaling that it's likely to raise rates again by year's end also lifted bank shares in Europe, which in turn drove the markets there mostly higher. Calgon Carbon soared. Japanese chemical maker Kuraray is buying the carbon materials company for $1.1 billion. Also paying $1.1 billion: Google. It'll buy the division of Taiwan's HTC that makes its Pixel smartphones. Shares of Google's parent, Alphabet, slipped. In economics news, the number of Americans filing for jobless benefits unexpectedly fell last week. And manufacturing activity in the mid-Atlantic region increased in September.

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Apple drags down Wall Street

Friday, September 22, 2017 - 01:13