Shares of Apple fell after antitrust regulators ordered the company to pay $14.5 billion in back taxes to the Irish government. Bobbi Rebell reports.
Wall Street in the red on Tuesday. Entrepreneur and musician Sean "Diddy" Combs, along with the makers of Ciroc Vodka, ringing the closing bell at the New York Stock Exchange in New York City. Tech stocks, led by Apple weighed on the market, ofsetting gains in financial stocks. The U.S. Federal Reserve and the timing of a rate hike ahead of Friday's jobs report also a focus for investors. BMO Wealth Management's Jack Ablin: (SOUNDBITE) JACK ABLIN, CHIEF INVESTMENT OFFICER, BMO WEALTH MANAGEMENT, (ENGLISH) SAYING: "My sense is, if we got a jobs report that is greater than 170,000, it probably paves the way for one rate hike in September, but, at the same time, then the message the Fed will likely give is that could be the last one for a little while." EU antitrust regulators ordered Apple to pay up to $14.5 billion in taxes plus interest to the Irish government. It ruled that its routing of profits through Ireland amounted to illegal state aid. Apple and Dublin plan to appeal. Data on Tuesday showed the consumer confidence index unexpectedly rose in August. Analysts had expected it to edge lower. European equities climbed to a two-week high, with financial stocks gaining ground on increasing expectations of a Fed rate hike.