Tech Rout Erases Market's Gain for the Year

Dow ends day down 551
By Newser Editors and Wire Services
Posted Nov 20, 2018 3:11 PM CST
Tech Rout Erases Market's Gain for the Year
In this Friday, Nov. 9, 2018, file photo trader Vincent Napolitano, left, works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing sharply lower, erasing the market's gains for the year, as losses for big technology companies like Apple mount, the AP reports. Apple sank 4.8% Tuesday. Retailers also fell sharply. Target plunged 10.5% after reporting weak results. Victoria's Secret parent company L Brands fell 17.7%. Energy companies slumped as the price of oil sank 6.6%. Devon Energy lost 7.4%. The S&P 500 fell 48 points, or 1.8%, to 2,641. The benchmark index is 9.9% below its September peak. The Dow Jones Industrial Average lost 551 points, or 2.2%, to 24,465. It was down 648 earlier. The Nasdaq lost 119 points, or 1.7%, to 6,908. The selling was widespread. Five stocks fell for every one that rose on the New York Stock Exchange. (Read more stock market stories.)

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