Stocks Slide After Apple's China Slump

Tech drop is biggest since 2011
By Newser Editors and Wire Services
Posted Jan 3, 2019 3:14 PM CST
Stocks Slide After Apple's China Slump
Trader William Lawrence works on the floor of the New York Stock Exchange, Thursday, Jan. 3, 2019.   (AP Photo/Richard Drew)

Stocks slumped on Wall Street, led by a sharp slide in technology companies after Apple reported a slowdown in iPhone sales over the holidays in China, the AP reports. The 5% drop in tech stocks Thursday was the biggest for the sector since 2011. The Apple news jolted markets and reinforced fears that the global economy is slowing. A surprisingly weak report on US manufacturing made matters worse. Apple dropped 10%, erasing $74.6 billion in value. Makers of phone parts also fell. The Dow Jones Industrial Average fell 660 points, or 2.8%, to 22,686. The broader S&P 500 fell 62 points, or 2.5%, to 2,447. The Nasdaq lost 202 points, or 3%, to 6,463. Bond prices rose as investors sought safety, sending yields sharply lower. (More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.