Jan 3, 2019

Apple leads stock market rout

Dan Primack, author of Pro Rata

Photo: Andrew Burton/Getty Images

Stocks got slammed on Thursday, with the Dow Jones Industrial Average finishing down 2.83%, or 662 points. The S&P 500 fell 2.48%, while the Nasdaq Composite lost 3.04%.

The bottom line: This was a severe hangover from the Apple's revenue warning tied to China's slowing economy, as well as Trump economic adviser Kevin Hassett saying that other U.S. companies will have China-related earnings trouble until the trade war is resolved. Apple's stock shed 9.96%, representing nearly $75 billion in lost value, while Apple suppliers and other companies with high China exposure (like Caterpillar, down 3.92%) also got hit hard.

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