Stocks end mixed with tech boost

U.S. stocks closed mixed, with Apple Inc. leading a late afternoon rally in tech shares that helped offset a drop in industrials sparked by weak production data. The dollar registered its biggest advance in more than a week and Treasuries fell.

The Dow Jones industrial average declined for a third day as U.S. manufacturing expanded at its slowest pace since July. Tech companies bucked the downward trend, pushing the Nasdaq higher. Ten-year Treasury yields gained but remained below 3 percent as the greenback posted its ninth gain in 11 days, with that strength weighing on most commodities: Oil retreated and gold declined to its lowest price since December.

A big focus this week is likely to be central bank policy and economic data. Investors will watch the Federal Reserve meeting closely for any signals that policy makers will raise interest rates another three times this year.

Apple to buy back $100B in stock

Since Apple said in January that it would bring back most of the $252 billion it held abroad under the new tax law, investors have wondered what the company would do with the cash. On Tuesday, those investors learned that they are in line for a chunk of the money. Apple said it would buy back $100 billion in stock, the largest increase in its historic record of returning capital to investors. The company didn’t provide a timeline for the repurchases. Apple also increased its dividend by 16 percent to 73 cents a share, according to S&P Dow Jones Indices.

Gibson declares bankruptcy

DAYTON, Ohio — The maker of Gibson electric and acoustic guitars has filed for bankruptcy protection.

The company said it will focus on what it considers its core brands.

Gibson Brands Inc. on Tuesday announced it will be “re-focusing” the company on the “manufacturing of world-class, musical instruments and professional audio products and the continued development of the company’s portfolio of iconic, globally recognized brands including Gibson and Epiphone.”

Gibson said it has reached a “restructuring support agreement” with holders of more than 69 percent in principal amount of its 8.875 percent senior secured notes due this year, and its principal shareholders, that clears the pathway for the continued financing and operations of the musical instruments business.

“The filings will allow the company’s musical instruments and professional audio businesses to continue to design, build, sell and manufacture legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers, without interruption,” Gibson said.