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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
Trader William Lawrence works on the floor of the New York Stock Exchange, Thursday, Jan. 3, 2019.   (AP Photo/Richard Drew)

(Newser) – 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. (Read more stock market stories.)

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