New York Report: Apple’s gravity knocks 1.6pc off S&P index

US STOCKS yesterday ended with sharp losses, with the S&P 500 suffering its biggest one-day decline since July, as Apple tumbled and the dollar rose to a four-year high.

The Dow Jones industrial average fell 264.26 points, or 1.5 per cent, to 16,945.80, the S&P 500 lost 32.31 points, or 1.6 per cent, to 1,965.99 and the Nasdaq Composite dropped 88.47 points, or 1.94 per cent, to 4,466.75.

Apple suffered one of its biggest daily falls of the year, breaking under key technical levels after the tech giant withdrew an update to its new operation system, which some users complained contained numerous glitches.

Its shares fell 3.8 per cent to $97.87 and was the biggest weight on the S&P. Apple closed under its 50-day moving average for the first time since 23 April, and moved on volume of almost 100m shares, well above its 50-day average of 56.46m.

Micron Technology fell 3.4 per cent to $30.61 after the market closed because of poor fourth-quarter results. Nike rose 5.76 per cent to $84.34 in after-hours trading after its results.

The losses came on the continued strength of the dollar , which rose 0.2 per cent against a basket of major currencies. It is up 6.8 per cent for the quarter, its biggest quarterly increase in six years.

“The rising dollar is a concern, as it could be a headwind for large corporate earnings, but the market looks a lot more attractive than it did just a few days ago,” said John Schmitz, portfolio manager at Bahl & Gaynor in Cincinnati. US stocks yesterday ended with sharp losses, with the S&P 500 suffering its biggest one-day decline since July, as Apple tumbled and the dollar rose to a four-year high.

The Dow Jones industrial average fell 264.26 points, or 1.5 per cent, to 16,945.80, the S&P 500 lost 32.31 points, or 1.6 per cent, to 1,965.99 and the Nasdaq Composite dropped 88.47 points, or 1.94 per cent, to 4,466.75.

Apple suffered one of its biggest daily falls of the year, breaking under key technical levels after the tech giant withdrew an update to its new operation system, which some users complained contained numerous glitches.

Its shares fell 3.8 per cent to $97.87 and was the biggest weight on the S&P. Apple closed under its 50-day moving average for the first time since 23 April, and moved on volume of almost 100m shares, well above its 50-day average of 56.46m.

Micron Technology fell 3.4 per cent to $30.61 after the market closed because of poor fourth-quarter results. Nike rose 5.76 per cent to $84.34 in after-hours trading after its results.

The losses came on the continued strength of the dollar , which rose 0.2 per cent against a basket of major currencies. It is up 6.8 per cent for the quarter, its biggest quarterly increase in six years.

“The rising dollar is a concern, as it could be a headwind for large corporate earnings, but the market looks a lot more attractive than it did just a few days ago,” said John Schmitz, portfolio manager at Bahl & Gaynor in Cincinnati.

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