Wall Street ended lower as Apple dragged major indexes and investors girded for Britain's vote next week on its European Union membership. Bobbi Rebell reports.
Wall Street ended lower on Friday as Apple dragged down major indexes. Apple said its iPhone 6 and 6 Plus were still available for sale in China after Beijing's intellectual property regulators barred sales, saying the designs had infringed on a Chinese company's patent. For the week, the major indexes were all in the red, on continued concerns about next week's referendum on Britain's European Union membership. Kevin Kelly of Recon Capital: (SOUNDBITE) KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL PARTNES (ENGLISH) SAYING: "One of the biggest consequences that could affect the U.S. economy over here is that the dollar would get significantly stronger against the pound, and that is the least that the large multinational corporations want to deal with. There is also a big problem with the banking system because a lot of U.S. corporations use it as a conduit into continental Europe." One boost to the S&P 500 on Friday was Oracle stock, rising a day after reporting falling revenue that beat expectations. Housing starts slipped in May, but gains in building permits signaled a rebound in economic growth in the second quarter. In Europe, stocks moved higher as financial stocks bounced back.