Wall Street sell-off deepens as Apple's woes persist; Dow loses 2pc

Ivan Schwartz
November 15, 2018

The Dow Jones Industrial Average plummeted by 602.12 points or 2.23% at the closing bell on Monday amid a firming US dollar, according to MarketWatch.

Apple shares fell 5 percent after several suppliers to the company, including Lumentum Holdings Inc, whose components power the iPhone's Face ID technology, cut their forecasts. Banks also took heavy losses.

The Dow Jones Industrial Average was off by more than 500 points or roughly two per cent to 25,493 as technology companies like Microsoft, Intel, Cisco and Apple were all sharply lower.

The Dow Jones Industrial Average fell more than 600 points Monday as major tech stocks faltered.

The tech-heavy Nasdaq had fallen furthest, losing 2.4 percent at 7,228.80. The Russell 2000 index of smaller companies gave up 15 points, or 1 per cent, to 1,534.

The technology sector was down more than 2.8 percent, leading the laggards in the 11 primary S&P 500 sectors. Shares of Amazon and Alphabet decreased 4.41 percent and 2.58 percent, respectively. The Philadelphia SE Semiconductor index dropped 4.4 percent.

In Asian markets on Monday, China's Shanghai Composite rose 1.2 percent.

And General Electric plunged to a post-financial-crisis low of $7.72 a share after CEO Larry Culp appeared on CNBC and said he was looking at selling assets to reduce leverage.

Declining issues outnumbered advancing ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 3.64-to-1 ratio favoured decliners.

Oil markets struggle to find footing after 7% slump
Brent oil prices have plunged 25 per cent since reaching a four-year high of more than $86 per barrel in early October. The agreement struck in 2016 was the first such alliance between Opec and the Russia-led group.

Harry Redknapp confirmed for I'm A Celebrity (and he's getting '£500k' apparently)
Former Tottenham Hotspur and West Ham manager Harry Redknapp has been a huge signing for the ITV show. McVey is a member of The Vamps, who have had success with songs such as Can We Dance and Last Night.

India leave it to the last ball
Yuzvendra Chahal and Washington Sundar came in the playing XI for the third match, while West Indies fielded an unchanged side. But it is important to get the best out of everyone and create a unit that can challenge for the T20 World Cup in Australia ".

Apple and Amazon each lost 4.5 percent Monday. Visit MarketWatch.com for more information on this news.

"The bull market is not over, the economic expansion is not over, but things are starting to wind down, " said Randy Frederick, vice president of trading derivatives at Charles Schwab.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer.

Energy companies led a sell-off on Wall Street Tuesday that extended a losing streak for the S&P 500 index to a fourth day.

MARKETS OVERSEAS: Major stock indexes in Europe declined.

After a weekend meeting, the oil cartel announced that Saudi Arabia plans to reduce exports by around 500,000 barrels a day from November to December. Britain's FTSE 100 shed 0.7 percent.

ENERGY: Benchmark U.S. crude gave up an early gain, sliding 0.2 percent to $60.06 per barrel in NY.

In Asia, stocks were generally mixed with the Nikkei 225 down 459 at 21,810, while the Shanghai Composite Index added around 24 points at 2,654.

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