Apple experienced a major trip in the stock market ever since the month of July. The selling began very well early in the day and by noon, all the 30 big companies in the Dow Jones Industrial Average and the 10 in the Standard & Poor 500 had picked very well but later in the evening they all lost the momentum.
Most investors however remained optimistic urging that the drop was not a bad sign to worry much about. Reflecting back to a week ago when the S&P 500 hit a record high, investors concluded that strong runs are usually followed by short breaks. This week alone, the index lost 2 percent but still remains up 6 percent for the year.
Mark Luschini, the Chief Investment Strategist at Janney Montgomery Scott said, “When you are at the peak, markets require more and more good news to keep on soaring high.” The S&P 500 lost 32.31 points or 1.6 percent, to close at 1,965.99. Dow dropped 264.26 points, or 1.5 percent, to close at 16,945.80. The Nasdaq composite dominated by technology companies was down as well 88.47 points, or 1.9 percent, to 4,466.75. Thursday marked the worst day for all the three indexes since July 31.