Wall Street declines for second day
NEW YORK - Stocks declined for a second day Tuesday as investors worked through a bundle of corporate news from Apple, Home Depot and General Mills. Investors also continue to watch international markets, where the dollar reached a six-year high against the Japanese yen.
The Dow Jones industrial average lost 94 points to 17,018 as of 10:22 a.m. ET. The Standard & Poor's 500 index lost ten points to 1,992 and the Nasdaq composite fell 20 points to 4,572.
Home Depot fell $1.37, or 1.5 percent, to $89.46 after the home improvement giant said that hackers had broken into its in-store payment systems. The problem follows a massive data breach at Target nearly a year ago.
Apple will be heavily traded Tuesday ahead of the company's latest product announcement. As usual, Apple has been quiet about its latest product offerings but analysts are expecting an iPhone with a larger screen and a watch-like device. Apple rose $1.14, or 1 percent, to $99.48.
Organic food products maker Annie's jumped $12.43, or 37 percent, to $45.95 after General Mills said it would buy the company for $820 million in cash. Annie's is best known for its boxed macaroni and cheese and rabbit-themed packaged food products. General Mills was unchanged on the news, trading at $53.51.
British markets were stabilizing after being shaken Monday on concerns that Scotland might sever its centuries-old union with Britain in an independence referendum next week. Secession could hit Britain's trade balance and dent its income from oil reserves that could revert back to Scotland. The pound fell more than one percent Monday after a poll showed a narrow majority in favor of independence for the first time. The U.K.'s FTSE 100 was down 0.3 percent in late-day trading.
The dollar extended its rally, hitting 106.40 yen, the highest since September 2008. Compared with other major currencies beset by bad economic data or possible further stimulus, the dollar appears the most attractive as the U.S. central bank looks to end part of its economic stimulus by October and consider raising interest rates.
The dollar rose to 106.08 yen from 106.02 yen late Monday. The euro edged up to $1.2905 from $1.2897. Oil rose 81 cents to $93.65 a barrel in New York. On Monday it fell to $92.66 a barrel, the lowest price since January. Bond prices fell. The yield on the 10-year Treasury note rose to 2.50 percent.