Jobs Resignation Cuts S&P 500 by $52 Billion as Apple Falls
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Steve Jobs’s decision to step down as Apple Inc.’s chief executive officer erased as much as $52 billion from the benchmark gauge for U.S. stocks, futures trading shows.
The September contract on the Standard & Poor’s 500 Index slumped up to 0.6 percent after Jobs released his statement at 6:34 p.m. in New York yesterday. The measure’s total market value was $9.34 trillion at the close of regular trading at 4 p.m., data compiled by Bloomberg show. Apple fell 5.1 percent.