NEW YORK, July 19 — Wall Street ended lower yesterday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year.
Apple shares reversed course to close down 2.1 per cent at US$147.1 on a Bloomberg report that said the company plans to slow hiring and spending growth next year in some units to cope with a potential economic downturn. Worries about a larger one percentage point rate hike at the end of July eased following remarks from Fed officials last week that the policymakers could stick to a 75 basis point hike.
Nine of the 11 major sectors of the S&P 500 lost ground, with healthcare and utilities suffering the largest percentage drop, while energy took the biggest gain.
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