Tech Weakness, Plunging Oil Combine to Sink Stocks: Markets Wrap
- Apple tumbles 24% from October peak, hardware leads decliners
- Target drops 11% on disappointing outlook, retailers retreat
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U.S. stocks fell Tuesday as sinking oil prices hit energy companies, tech hardware continued to plunge with Apple Inc. leading the way, and retailers saw little joy from the coming Christmas shopping season. Treasuries advanced with the dollar and gold fell.
All major benchmarks were down more than 1.5 percent. The S&P 500 Index briefly slid 10 percent below its September record close before clawing back just above the threshold. The Nasdaq Composite Index was almost 14 percent below the closing high it reached in August. And the Dow Jones Industrial Average shed more than 500 points, or 2.1 percent, as angst spread across global equity markets.