Apple, Goldman Sachs send Wall Street tumbling

Kenny Grant
November 15, 2018

Wall Street closed with heavy losses on Monday, the Dow Jones Industrial Average falling 2.32 percent on a day marked by concerns about a deceleration in world economic growth and plunges in tech giants such as Apple, which fell more than 5 per cent.

Apple stock plunged 5.04 percent and closed at 193.46 US dollars per share after the main supplier for its Face ID technology, Lumentum Holdings, slashed revenue and profit forecasts, citing reduced orders from a major customer. Banks and consumer-focused companies and media and communications stocks also took heavy losses. The Nasdaq shed 206 points and the S&P 500 lost over 54 points.

The Dow Jones Industrial Average fell 602 points, or 2.3 percent, to 25,387.

The Nasdaq composite slid 178 points, or 2.4 per cent, to 7,228.

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

NOVEMBER TURN: The stock market is coming off a two-week winning streak for the benchmark S&P 500.

A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

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Shares were down 4.7 percent. Amazon gave up 3.9 percent to $1,645.64. Shares in the company fell 33%. Apple shares closed on Monday 5.04% lower, trading below the United States dollars 200.00 mark again. Netflix Inc (NASDAQ:NFLX) dropped 3.1%, while Amazon.com Inc (NASDAQ:AMZN) shares fell over 4% to $1,636.85. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts.

General Electric Co shares fell 6.9% after new chief executive officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce leverage.

Investors bid up shares in Athenahealth after the struggling medical billing software maker said it received a $5.7 billion cash buyout offer.

Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. Brent crude, used to price worldwide oils, lost $1.28 to $68.84 in London. The euro fell to $1.1240 from $1.1336.

Tech stocks were also weak in Europe as the pan-European STOXX 600 index lost 0.84 per cent. London's FTSE 100 added 0.3 percent to 7,073. In Asia, markets finished mixed.

Hong Kong's Hang Seng closed the day up 0.1 percent.

The S&P 500 added 0.06% to settle at 2,727. The Kospi in South Korea dipped 0.3 percent.

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