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U.S. stocks close lower after Google case

NEW YORK
2017-06-28 04:52

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U.S. stocks closed lower on Tuesday as investors digested economic data as well as an antitrust case against Google.

The Dow Jones Industrial Average was down 98.89 points, or 0.46 percent, to 21,310.66.

The S&P 500 lost 19.69 points, or 0.81 percent, to 2,419.38.

The Nasdaq Composite Index decreased 100.53 points, or 1.61 percent, to 6,146.62.

The European Commission Tuesday fined Google 2.42 billion euros (2.7 billion U.S. dollars) for abusing its dominance as a search engine by giving illegal advantage to its own comparison shopping service. The amount is the regulator's largest penalty to date against a company accused of distorting the market.

Google was ordered to end the conduct within 90 days or face penalty payments of up to five percent of the average daily worldwide turnover of Alphabet, Google's parent company.

On the economic front, the Conference Board Consumer Confidence Index came in at 118.9 in June, up from 117.6 in May, exceeding economists' expectations.

The Present Situation Index increased from 140.6 to 146.3, while the Expectations Index declined from 102.3 last month to 100.6.

U.S. Federal Reserve chair Janet Yellen said Tuesday that another financial crisis, the likes of the one that exploded in 2008, was not likely "in our lifetime," according to media reports. She added that banks are very much stronger judging by how major institutions did in the recent stress tests, media reports said.

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