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Markets Update

Published 08/31/2016, 04:45 AM
Updated 02/02/2022, 05:40 AM

The S&P 500 fell for the fourth time in the last five sessions as the biggest weighted stock on U.S indices, Apple Inc (NASDAQ:AAPL). have been ordered to pay $14 billion in back taxes to the Irish government. The decline in the stock did not stop the S&P from finishing within 1% of its record closing high.

Apple were ordered to pay the up to $14.5 billion in unpaid taxes to Ireland as the European Commission had rules that the global company had received illegal aid from the Irish state.

The S&P 500 finished only 0.2% down despite the news however, the DJ30 ended 0.25% down while the Nasdaq 100 dropped by just under 0.2%.

Oil prices fell for the second day of the week as Brent Crude finished almost 2% lower, as surplus worries grew amid higher Crude stockpiles and Iran’s Oil Ministry coming out and saying they were on target to reach peak production this year.

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