Stocks Tumble On Weak Manufacturing Data, Apple Sales Warning
(New York, NY) — Fears of a global slowdown are impacting Wall Street. A quarterly sales warning from Apple and weaker-than-expected manufacturing data sent stocks plunging. The dow Jones Industrial Average fell 660 points to close at 22-686. The Nasdaq dropped 202 points to 64-63. The S&P 500 lost 62 points to 24-48. Apple shares plunged nearly ten percent after the company slashed its revenue outlook due to soft iPhone sales in Asia.
Shares in Caterpillar and Boeing, which do big business in China, fell more than three percent. Airlines stocks also took a hit with Delta, American and United Continental down five percent or more. Chip stocks including Advanced Micro Devices, Nvidia and Skyworks fell in trading after the Apple warning. Meanwhile, a survey of American manufacturers released today showed its slowest growth in the last two years.
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Bill Meers/am
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01-03-2019 14:50:06
