Stocks End Mostly Lower, Hurt by Apple

U.S. stocks ended mostly lower on Wednesday, dragged down by losses in Apple Inc. (AAPL) as a competitor introduced new smartphones and the company faced criticism for the theft of celebrity photos. The Dow Jones Industrial Average gained 10.72 points, or 0.06%, to 17,078.28. The S&P 500 was off 1.56 points, or 0.08%, to 2,000.72. The Nasdaq Composite fell 25.62 points, or 0.56%, to 4,572.56.

The controversy over the stolen photos, which included naked pictures of Hollywood stars including Jennifer Lawrence and Kirsten Dunst, could hardly have come at a worse time for Apple. The company is expected next week to unveil new iPhones that will able to collect sensitive health data, interact with home automation systems and act as mobile payment devices.

U.S. regulators on Wednesday issued rules for banks to hold enough easy-to-sell assets to keep them afloat during a crunch, after many were caught short of cash during the 2007-09 financial crisis.
Tesla Motors Inc.(TSLA) has chosen Nevada as the state to house its battery plant, The Wall Street Journal reported Wednesday, and the state’s governor tweeted that he will make a “major” economic development announcement on Thursday.

Investors pulled cash from the Pimco Total Return Fund for a 16th straight month in August despite some improvement in performance for the world’s largest bond fund. The fund, run by Bill Gross, had net outflows of $3.9 billion in August, which brings the Total Return Fund’s net cash withdrawals to almost $70 billion since May 2013, Morningstar said on Wednesday.