Markets reverse gain and end the session down $K:xnys

  • Early gains seen on the S&P500 and NASDAQ were reversed later in the session as a 3.3% reversal in Apple pushed the NASDAQ and S&P500 lower. The biggest US stock by market capitalization was sold off after reports that it will remove the popular iPad tablet from sale on Amazon.com in China
  • Investors were also concerned about the unfolding events in Greece with Euro ministers said to be contemplating withholding certain parts of the bailout package while still avoiding a disorderly default
  • US economic data was mixed with manufacturing and home builder sentiment stronger, while industrial production data was weaker
  • In earnings news clothes retailer Abercrombie & Fitch rallied 11.21% after a positive outlook. Dean Foods rallied 10.72% after earnings beat expectations. Kellogg Co gained 5.9% after it bought the Pringles chip business from Procter & Gamble
  • DOW –0.76%, S&P500 –0.54% and NASDAQ –0.55%
  • USD was stronger against the EUR and the AUD made a 1.0679 low
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