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US-STOCKS-MARKETS
Apple gains on product launches as US stocks end flat
NEW YORK, Sept 11, 2019 (BSS/AFP) – Wall Street stocks finished a choppy
session little changed on Tuesday, with Apple advancing as it unveiled new
products and outlined a launch date for its streaming service.
Stocks spent much of the session in negative territory as investors pointed
to somewhat better sentiment on trade talks that was offset by lower optimism
on the economy.
But stocks finished the session on a strong note, with the Dow ending up
0.3 percent at 26,909.43.
The broad-based S&P 500 edged up less than 0.1 percen to 2,979.39, while
the tech-rich Nasdaq Composite Index slipped less than 0.1 percent to
8,084.16.
Apple gained 1.2 percent as it unveiled new iPhones, including a lower-
priced offering of $699, part of a bid to spur new upgrades in a slumping
global smartphone market.
The tech giant also set launch dates on Tuesday for its original video
offering, Apple TV+, and its game subscription service. The streaming
announcement weighed on Netflix, which shed 2.2 percent.
With the new devices and services, “I think there are more reasons to stay
with Apple than to defect from Apple,” added Patrick Moorhead, analyst at
Moor Insights & Strategy.
Ford fell 1.4 percent, a day after Moody’s downgraded the credit rating of
the auto company, citing a weak financial outlook as it embarks on ambitious
restructuring.
Leading banks rose for a second straight day after JPMorgan Chase chief
executive Jamie Dimon said the US consumer economy remains solid, even as
business investment has slowed.
Dimon on Tuesday cut the bank’s projections for net interest income due to
Federal Reserve interest rate cuts. JPMorgan shares gained 1.2 percent.
This week’s calendar includes reports on consumer prices and retail sales
for August. The European Central Bank is also expected to announce new
stimulus measures.
BSS/AFP/HR/1200