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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
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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