Rate fears and Apple hit index - New York Report

Wall STREET ended lower yesterday as investors worried about a rise in interest rates while Apple’s shares hit their lowest in over six months.

The Dow Jones industrial average fell 47.31 points, or 0.27 per cent, to 17,550.89, the S&P 500 lost 4.68 points, or 0.22 per cent, to 2,093.36 and the Nasdaq Composite dropped 9.84 points, or 0.19 per cent, to 5,105.55.

The iPhone maker’s shares fell 3.21 per cent to $114.64, firmly below their 200-day daily moving average, a key technical level closely watched by traders. The stock was the biggest drag on the three major US indices.

A slowdown in China and scepticism over demand for iPhones were contributing to pressure on Apple’s shares, traders said.

After the bell, shares of crafts website Etsy fell nine per cent and Walt Disney lost 1.4 per cent after the companies posted quarterly results that disappointed Wall Street.