Economics
U.S. Stocks Close Little Changed as Apple Drop Offsets Oil Gains
- Apple falls to 2014 low on report about iPhone chip shipments
- Brazilian shares advance after Rousseff suspended from office
Alexander Friedman: Fed's Risky New Global Mandate
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U.S. stocks ended virtually unchanged after a whipsaw session, after oil staged a rebound to offset losses by Apple Inc., as investors awaited additional economic data for clues on the health of the world’s largest economy.
Apple sank to the lowest since June 2014 after Nikkei reported that shipments of iPhone chips for the remainder of the year will likely shrink versus a year ago. After seesawing between gains and losses, crude rose to a six-month high, as traders weighed concern of a reduction in global supply with Canadian producers planning to resume oil-sands output. Brazilian equities rallied, while the real weakened, after President Dilma Rousseff was suspended from office.