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Wall Street falls as Apple drags down tech stocks

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U.S. stocks were lower in late morning trading on Tuesdayas Apple dragged down technology stocks after EU antitrust regulators ordered the company to pay about $14.5 billion in back taxes to the Irish government.

The S&P 500 technology index fell 0.37 percent, the biggest decline in nearly a week, hurt by a 0.9 percent drop in Apple.

The stock was the biggest drag on the three major U.S. stock indexes.

Oil prices dropped more than 1.7 percent as the dollar index jumped 0.42 percent after a report showed that the consumer confidence index rose to 101.1, handily beating expectations of 97.

At 11:09 a.m. ET, the Dow Jones industrial average .DJI was down 55.61 points, or 0.3 percent, at 18,447.38.
The S&P 500 .SPX was down 5.22 points, or 0.24 percent, at 2,175.16.

The Nasdaq Composite .IXIC was down 12.16 points, or 0.23 percent, at 5,220.17.

Eight of the 10 major S&P 500 indexes were lower, with the utilities .SPLRCU falling the most by 0.69 percent.

Reuters

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