Disappointing iPhone sales pressured Apple stock after hours. Earlier, as Fred Katayama reports, tech and industrial stocks helped lift the markets.
Apple shares fell after hours. The company reported a surprise fall in quarterly iPhone sales, selling 50.8 million phones. Its revenue rose less than expected, and Apple's revenue forecast fell shy of analysts' expectations. Earlier, tech and industrial stocks helped lift Wall Street. But investors made small moves ahead of Apple's results and the conclusion of the Federal Reserve's two-day policy meeting. U.S. Bank's Eric Wiegand: SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "I think it's a little bit of consolidation. Still a bunch of big data points to gain over the course of the remainder of the week. Certainly, the Fed meeting getting those comments tomorrow." Auto stocks skidding after automakers reported a sharp drop in vechile sales in April. GM's sales fell 6 percent. Ford's sank more than 7 percent. Coach shares soaring. The handbag maker's quarterly profit rose nearly 9 percent after Coach cut back on discounting in the U.S. and sold pricier bags. Advanced Micro Devices shares plummeted. The chipmaker's revenue rose sharply. But investors fretted over its weak forecast for gross margins. In Europe, healthy corporate earnings powered shares higher. Financial and industrial stocks led the pack.