The S & P500 index has fallen by 9.7% since reaching its highest levels ever in early September in a rally led by technology giants that did not live up to their results announced this week to the level of expectations that were steeped in optimism.
Apple’s stock plunged after it reported the steepest decline in quarterly sales of the iPhone in two years due to a delay in the launch of new 5G phones.
Amazon shares fell after the company anticipated a cost jump due to Covid-19, while Facebook’s stock fell after warning of hardships in 2021.
The Dow Jones Industrial Average declined 157 points, equivalent to 0.59% to 26,501 points, and the S & P500 lost about 40 points, or 1.21%, to record 3,269 points, and the Nasdaq Composite Index declined 274 points, or 2.45%, to 10,911 points at the close.
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