Investors Business Daily reports:
A big haircut in the quarterly revenue outlook for Apple sent U.S. shares tail-spinning in what has become a common refrain in stocks today for the past few months.
The Dow Jones industrial average and the Nasdaq composite acted as co-leaders of the sell-off, each falling 2.8% to 3% and ending practically at the session’s low.
The S&P 500, which dropped 6.2% (excluding dividends) in 2018, sank more than 2.4%. Intense buying in defensive areas of the market — think dairy and meat, property REITs, gold mining and telecom services — provided little solace for most investors.
BREAKING: Dow briefly drops more than 705 points as the closing bell rang, closes down 660 points https://t.co/gqKlLmilpZ pic.twitter.com/EjpMi0h4nP
— CNBC Now (@CNBCnow) January 3, 2019