US STOCKS-Wall St ends lower as Apple falls, bond yields rise
By Caroline Valetkevitch
NEW YORK, Sept 9 (Reuters) - U.S. stocks fell on Tuesday as Apple shares declined and as bond yields hit their highest in a month on concerns the Federal Reserve could raise interest rates sooner than some investors had expected.
All 10 S&P 500 sectors ended lower. Apple shares, which jumped as much as 4.8 percent earlier in the session after the company unveiled a smartwatch, ended down 0.4 percent at $97.99. Apple also announced two larger iPhones.
Benchmark 10-year U.S. Treasury note yields rose to 2.5 percent. Sectors with high-dividend paying stocks including utilities were among the day's weakest. The utilities sector and telecommunications each fell 1.2 percent.
Improving U.S. economic conditions may force the Federal Reserve "to tighten sooner rather than later," said Doug Cote, chief market strategist with Voya Investment Management in New York.
"Rising rates are an immediate discount for financial assets, including equities," he said.
Shares of Home Depot fell 2.1 percent, a day after the company confirmed its payment security system had been breached.
The Dow Jones industrial average declined 97.55 points or 0.57 percent, to 17,013.87, the S&P 500 lost 13.1 points or 0.65 percent, to 1,988.44 and the Nasdaq Composite dropped 40.00 points or 0.87 percent, to 4,552.29.
About 5.7 billion shares changed hands on U.S. exchanges, above the 5.5 billion average for the last five days, according to data from BATS Global Markets. Continuación...