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Stocks Fall on Apple Revenue Warning

Dow drops 165
By Newser Editors and Wire Services
Posted Feb 18, 2020 3:00 PM CST
Stocks Fall on Apple Revenue Warning
Traders gather at the post of Specialist Anthony Matesic, background center, on the floor of the New York Stock Exchange, Tuesday, Feb. 18, 2020. Stocks are opening lower on Wall Street after Apple said it would fail to meet its revenue forecast for the current quarter due to the impact of the virus...   (AP Photo/Richard Drew)

(Newser) – Major US stock indexes are closing mostly lower Tuesday, as the market gives up some of its gains from the past two weeks, the AP reports. The selling, which lost some of its momentum in the final hour of trading, came as investors weighed the impact of the virus outbreak in China on Apple and other major companies. The tech giant said revenue will fall short of previous forecasts in the fiscal second quarter because production has been curtailed and consumer demand for iPhones has slowed in China. Apple's stores there are are either closed or operating on reduced hours. Tech companies and banks led the selling. Utilities and communication services stocks held up well. The S&P 500 index fell 0.3% to 3,370. The Dow Jones Industrial Average slid 165 points, or 0.6%, to 29,232. The Nasdaq inched up less than 0.1%. Bond yields fell. (Read more stock market stories.)

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