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Apple Revamps Apple TV; Stocks Slump After Crude Oil Sells Off

Apple (AAPL) dominated headlines Wednesday afternoon after unveiling a revamped Apple TV at its annual product launch. The set-top box has a built-in app store and touch interface and will feature voice commands through personal assistant Siri. The tech giant also revealed a larger iPad and a stylus for the iPad called Pencil. A selloff in crude oil pressured stock markets, putting an end to an earlier rally inspired by a surge in Asian markets. Stock losses accelerated in the final hour of trading with the S&P 500 falling nearly 1.5%. Crude oil closed below $45 a barrel after the Energy Information Administration lowered price forecasts through to 2016.

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