Published: Thu, November 15, 2018
Finance | By Loren Pratt

'Ugly sell off': Apple, Goldman Sachs drag on Wall Street

'Ugly sell off': Apple, Goldman Sachs drag on Wall Street

The Dow Jones Industrial Average fell 550.38 points, or 2.12 per cent, to 25,438.92, the S&P 500 lost 48.95 points, or 1.76 per cent, to 2,732.06 and the Nasdaq Composite dropped 187.49 points, or 2.53 per cent, to 7,219.42.

Technology stocks led the broad market slide after a report that suggested Apple cut back orders significantly from a parts supplier rattled investors.

Also improving the market's direction was a rebound in technology stocks, which jumped 0.7%, to recover from a steep sell-off on Monday when Apple shares took a hit on worries about a slowdown in sales of iPhones.

Monday's decline followed a hard month of October that saw the Dow lose 5 percent and the Nasdaq fall 9 percent. The Nasdaq Composite Index fell 165.59 points, or 2.24 percent, to 7,241.32.

In Canada, meanwhile, Toronto's TSX was also still rushing upwards to rise by almost 55 points and hit 15,211 while the Russell 2000 index of small-cap stocks jumped by 8 points to reach 1,526. Investment bank Goldman Sachs was off by more than seven per cent at one point. Shares of Align Technology and NVIDIA slid 7.91 percent and 7.84 percent, among the worst performers in the Nasdaq.

The Dow Jones Industrial Average fell 413 points, or 1.6 per cent, to 25,577.

Meanwhile, the private-equity firm Veritas Capital and the hedge fund Elliott Management reached an all-cash deal to purchase the United States healthcare software maker Athenahealth for about $5.7 billion, a 12% premium to where shares closed Friday. US crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984. Brent crude, used to price global oils, lost $1.28 to $68.84 in London. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts. The ICE U.S. Dollar Index was trading 0.5% higher or 97.43 on Monday, which is the highest level since June of 2017, according to FactSet data.

The S&P 500 index fell 16 points, or 0.6 percent to 2,764.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday. The euro rose to $1.1252 from $1.1218.

In Canada, Toronto's TSX lost 0.19% to trade around 15,128.

MSCI's gauge of stocks across the globe shed 1.19 per cent, on pace for its third straight session of declines.

In Europe, FTSE 100 is up around 12 points at the time of writing; the DAX is up by about 84 and the CAC 40 is ahead by around 20 points.

Hong Kong's Hang Seng closed the day up 0.1 percent. Australia's S&P-ASX 200 gained 0.3 percent.

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