Investing.com – The nine-day rally on Wall Street came to an end as a slump in shares of Apple weighed on the broader market while better-than-expected economic reports on manufacturing and labor market did little to lift sentiment.
The Dow Jones Industrial Average closed lower at 22359.23. The S&P 500 closed 0.30% lower while the Nasdaq Composite closed at 6422.69, down 0.52%.
Shares of Apple dropped for the second straight day, adding to selloff in the tech, amid reports that the iPhone maker was experiencing reports with the latest iteration of its smartwatch dubbed the Apple Watch 3.
The tech tumble overshadowed a duo of upbeat reports on the labor market and manufacturer sector.
The Philadelphia Fed said Thursday its manufacturing index rose to a reading of 23.8, a three-month high, from 18.9 in August.
Initial jobless claims decreased by 23,000 to 259,000 in the week ended Sept. 16, beating forecasts of a 18,000 decline, the U.S. Department of Labor reported Thursday.
On the political front, investors mulled over a possible uptick in geopolitical uncertainty after U.S. President Donald Trump ordered a fresh round of sanctions to curb North Korea’s nuclear missile program.
"Today I'm announcing a new executive order, just signed, that significantly expands our authority to target individual companies, financial institutions, that finance and facilitate trade with North Korea," Trump told reporters ahead of a luncheon meeting with the leaders of Japan and South Korea.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: General Electric Company (NYSE:GE) up 1.8%, Goldman Sachs Group Inc (NYSE:GS) up 0.7% and JPMorgan Chase & Co (NYSE:JPM) up 0.5%
Procter & Gamble Company (NYSE:PG) down 1.9%, Apple Inc (NASDAQ:AAPL) down 1.7% and Johnson & Johnson (NYSE:JNJ) down 1.1%, were among the worst Dow performers of the session.