Dow Jones plummets after mass sell-off of Apple shares

Mae Love
November 14, 2018

Technology stocks took some of the biggest losses Monday. Shares of Apple fell 0.4 percent, breaking below its 200-day moving average, a key technical level watched by investors.

General Electric also experienced its fourth consecutive decline and tobacco stocks plummeted amid reports the Food and Drug Administration was considering a ban on menthol cigarettes.

The market was coming off a two-week winning streak.

The S&P also fell with Goldman Sachs shares down 7%, its worst drop in seven years.

At the close of regular trading, the DJIA - the main indicator for United States stocks - had lost 602.12 points, coming to rest at 25,387.18, while the Siamp;P500 index fell 1.97 percent to 2,726.22 and the NASDAQ index - which includes the important tech companies - dropped 2.78 percent to 7,200.87, Efe reported. Apple's decline impeded the tech-heavy Nasdaq, which fell more than 2%. "The US-China conflict extends beyond trade to areas such as technology, intellectual property rights, market access, industry policy, and ultimately centers on the competition between the two economic superpowers".

Crude oil prices fell, erasing early gains.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer. The S&P 500 was down 38.05 points, or 1.37 percent, to 2,742.96. Shares of Amazon and Alphabet decreased 4.41 percent and 2.58 percent, respectively. It was down as much as 509 earlier.

Chipmakers were hit especially hard, with AMD shedding 8.6% while Nvidia and Intel lost 7.1% and 2.5%.

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The Dow Jones Industrial Average fell more than 600 points on 12 October local time on the back of Apple shares and oil prices declining, the U.S. dollar rising and uncertainty around global trade continuing.

Technology stocks took some of the biggest losses Monday. Micron Technology gave up 4.3 percent to $37.44.

METALS: Gold fell 0.4 percent to $1,203.50 an ounce.

The S&P 500 index fell 39 points, or 1.4 percent to 2,741.

The Dow Jones Industrial Average fell 113 points, or 0.5 per cent, to 25,870. The Nasdaq composite lost 175 points, or 2.4 percent, to 7,231.

Meanwhile, the private-equity firm Veritas Capital and the hedge fund Elliott Management reached an all-cash deal to purchase the U.S. healthcare software maker Athenahealth for about $5.7 billion, a 12% premium to where shares closed Friday.

The S&P 500 posted 29 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 25 new highs and 161 new lows.

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