NEW YORK — Stocks fell for a second straight day Tuesday as investors were left unimpressed by Apple’s latest batch of product announcements.
Negative news out of Home Depot and McDonald’s also weighed on the market.
The Dow lost 97.55 points, or 0.6 percent, to 17,013.87, its biggest one-day drop in a month. The Standard & Poor’s 500 index lost 13.10 points, or 0.7 percent, to 1,988.44, and the Nasdaq composite lost 40 points, or 0.9 percent, to 4,552.29.
Investors had little in the way of economic data to digest, so trading was largely dominated by the news out of Apple.
The California-based tech titan announced an updated version of its iPhone and a smartwatch, as well as a payment system to compete with traditional debit and credit cards.
The iPhone 6 and its various iterations were well-received by investors, as was the payment system, which would allow a shopper to purchase a product simply by holding his or her iPhone close to a sensor. Apple had been up as much as 4 percent after the products were unveiled.
The smartwatch left some investors scratching their heads, however, and the Apple rally quickly faded.
The watch, which doesn’t come out until next year, costs $350 and would require an iPhone near it to work. It was hardly the new product that investors had hoped it might be.
“I don’t know if they’re swimming up the right river with this watch,” said Dan Morgan, a senior portfolio manager at Synovus Trust Company, who has been a longtime investor in Apple shares. “It looks like an add-on product, not something that has the potential to be a phenomenon.”
At the end of the day, Apple fell 37 cents, or 0.4 percent, to $97.99.
Apple is often volatile on days it announces products.
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