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VOL. 38 | NO. 38 | Friday, September 19, 2014

US stock market sinks as Apple drags down tech

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NEW YORK (AP) — Technology companies are leading a broad decline in U.S. stocks that has pulled the Dow Jones industrial average down 200 points.

Apple dropped 3.4 percent after the company pulled a software update for its iPhones late Wednesday as users complained that they weren't able to make calls.

KEEPING SCORE: The Dow Jones industrial average dropped 210 points, or 1.2 percent, to 17,001 as of 10:56 a.m. Eastern. The Standard & Poor's 500 index fell 26 points, or 1.3 percent, to 1,972. The Nasdaq composite, which is heavily weighted with technology stocks, dropped 76 points, or 1.7 percent, to 4,512. Tech stocks fell the most of the 10 industry sectors in the S&P 500 index.

WHOOPS: Apple sank after the tech giant had to pull a software update as users complained they could no longer make phone calls. Others complained that they bent their new iPhones by sitting on them. Apple dropped $3.43, or 3.4 percent, to $98.32.

SUDDENLY BUMPY: Stocks are turbulent this week, an abrupt break from a sleepy summer. Concerns about slowing growth in China and falling U.S. home sales knocked the market back on Monday, giving the S&P 500 its biggest one-day drop in more than a month. Health-care stocks led a rebound Wednesday, as the S&P 500 closed with its biggest one-day gain in more than a month.

ECONOMY: Claims for unemployment benefits crept up last week. The Labor Department said Thursday that 293,000 people applied for benefits, but that was slightly lower than economists' forecasts. The less volatile four-week average fell for the second straight week to 298,500. A separate report said businesses orders for equipment plunged last month, mainly a result of a drop in orders for commercial aircraft.

FURTHER CLUES: Investors have been looking at economic reports for any signs that the improving economy could lead the Federal Reserve to start raising interest rates. Next week, further clues will emerge from a several key pieces of data, including the job market report for September.

ONE VIEW: "The existence of major fundamental risks next week means that there is some caution ahead with many unsure of the direction that markets should be heading," said Joshua Mahony, research analyst at Alpari.

LOOKING ABROAD: In Europe, Germany's DAX fell 1.7 percent while the CAC-40 in France fell 1.3 percent. The FTSE 100 index of leading British shares declined 1.2 percent.

DOLLAR: The dollar has been gaining on other major currencies. The Fed is widely expected to start raising interest rates, a contrast to the current stance of the European Central Bank and the Bank of Japan. On Thursday, the euro fell 0.2 percent to $1.275. The dollar fell to 108.73 yen.

OIL, BONDS: Benchmark U.S. crude oil fell 41 cents to $92.40 a barrel on the New York Mercantile Exchange. U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.52 percent from 2.57 percent late Wednesday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0