Dow closes 660 points lower on fears of economic slowdown
Stocks fell sharply Thursday after a dire quarterly warning from Apple and the release of weaker-than-expected manufacturing data.
The iPhone maker cited a slowing Chinese economy for the shortfall, intensifying fears that the global economy may be slowing down.
The Dow dropped 660 points, or 2.8 percent, as Apple shares led the decline. The 30-stock index tumbled to its low of the day right before the close, trading down as much as 707 points.
The S&P 500 pulled back 2.5 percent as the tech sector fell 5 percent. The Nasdaq sank 3 percent, snapping a five-day winning streak, as Apple's stock dropped 10 percent. Thursday marked Apple's worst session since 2013.
Apple said it sees first-quarter revenue of $84 billion vs. a previous guidance of a range of $89 billion and $93 billion. Analysts expected revenue of $91.3 billion for the period, according to the consensus estimate from FactSet. Apple blamed most of the revenue shortfall for struggling business in China.
https://www.msn.com/en-us/money/markets/stocks-tumble-on-weak-factory-data-dim-apple-outlook/ar-BBRJMlM
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Of course, I’m sure Republicans will claim it’s because the Democrats took control of the House today — or that it’s due to Pelosi getting elected Speaker.
