U.S. stocks fall to lowest level since August; Apple extends plunge to 23 percent off all-time September high

“U.S. stocks fell, sending the Standard & Poor’s 500 Index toward its lowest level since August, as a European Union official said a decision on unlocking funds for Greece may not be made until late November,” Rita Nazareth and Sarah Jones report for Bloomberg.

“Apple Inc. (AAPL), the world’s most valuable company, retreated 3.1 percent, extending its plunge since its September high to 23 percent,” Nazareth and Jones report. “The S&P 500 lost 0.7 percent to 1,384.22 at 3:28 p.m. New York time. The Dow Jones Industrial Average fell 60.97 points, or 0.5 percent, to 12,871.76. Trading in S&P 500 companies was 10 percent above the 30-day average at this time of day.”

Nazareth and Jones report, “‘It’s hard bargaining for Greece,’ said Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees about $47 billion. ‘The risk of a recession is still out there. Apple might be a victim of its own success because it’s risen so much. There’s nothing wrong with the company. Yet with its huge market cap, as Apple goes, so goes the broader market.’ … Apple, the most valuable company, slumped 3.1 percent to $540.65. The shares entered a bear market yesterday, after falling more than 20 percent from its recent high… Equities tumbled yesterday as investors’ focus turned to the budget debate and Europe’s debt crisis following President Barack Obama’s re-election.”

Read more in the full article here.

Related article:
Apple shares hit new all-time intraday and closing highs – September 19, 2012


  1. i heard that qualcomm reported earnings last night and said that the north american market has stopped growing and that all the growth is coming from asia/latin america. places where apple is weak

  2. I don’t have to hope he fails, I know he will.

    On the bright side, I just ordered a 2013 G63 AMG SUV (MPG: 12 city / 15 hwy – doing my part to keep mother earth warm) in Indium Silver Metallic and, oh yeah, it’ll be a write-off, too, thanks!

    1. You “know”, huh? Well, you’ve got such a good track record…

      17 October 2012: “This race is over. What I’ve cited above is the tip of the iceberg. As I’ve been saying for months now: President Romney and Vice President Ryan. Get used to it.”

  3. Dow Jones at 1/20/09 – 7949.09

    Dow Jones at 11/5/12 – 12811.32

    The xenophobic, racist dumb shits on this site are beyond belief. The DJIA under Obama is one of the greatest increases in US history. And by the way, there was absolutely no-none-nada job increases under Bush.

      1. How disingenuous! You have totally missed the point of this thread and several others on MDN in the last two days. Obama, by his very existence and reelection, has been blamed on here the last couple of days for the fall of the DJIA on Wednesday and Thursday.

        If you aren’t being disingenuous, then clearly you haven’t been paying attention to this site. Also there have been several articles on Huffington Post and and MDN Money referring to the same bogus references to Obama being the cause of the drop and explaining how wrong this belief is.

        Whether this President actually has anything to do with, or control over, increases or decreases, of the Dow lately or in the last 3.5+ years is besides the point. The PERCEPTION here is that he has negatively impacted the Dow. Under Obama the Dow has soared. Whether Obama caused it is beside the point. The point is, he hasn’t caused it to fall. That is where you missed the point of my initial comments.

        That anyone believes the mere fact that his reelection caused the market to drop, and by inference, a Democratic President in general or particularly this one in particular , is the “cause” of the last two days’ drop, is total crap.

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