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US: Wall Street ends lower as EU's Apple tax decision draws ire

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[NEW YORK] Wall Street closed marginally lower on Tuesday as US officials reacted angrily to European authorities' decision to demand US$14.5 billion in back taxes from Apple.

The tech giant's shares fell 0.8 per cent on the Nasdaq, putting the company down 3.2 per cent over the last two weeks.

Dow Jones Industrial Average fell 0.3 per cent to 18,454.30.

The broader S&P 500 lost 0.2 per cent to close at 2,176.12 while the tech-heavy Nasdaq was down 0.2 per cent at 5,222.99.

Other tech companies were likewise in negative territory: Microsoft and HP fell 0.4 per cent while Google parent Alphabet Inc was down 0.5 per cent.

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Financial sector giants bucked the downward trend however. The investment giant Goldman Sachs rose 1.9 per cent, JPMorgan Chase was up 0.8 per cent and Bank of America gained 2.2 per cent. Morgan Stanley was up 2.5 per cent.

Abercrombie & Fitch suffered a 20 per cent drop in share price, while other clothing retailers had smaller declines: Gap fell 4.3 per cent, Urban Outfitters lost 2.5 per cent and Guess was down 4.4 per cent.

US oil companies were mixed as crude prices continued to slip, with Chevron and Exxon Mobil both falling 0.4 per cent but Marathon Petroleum rising 0.9 per cent. ConocoPhillips lost 0.3 per cent.


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