Apple Pain Sends Market Down
Apple has had a disastrous time over the past week, following its profit results and sending the S&P 500 Index plummeting to its worst weekly drop since the start of February.
Apple shares plunged 11 percent on the week, extending a slump for computer and software makers to seven days, while US equities capped the weakest April since 2012.
And analysts say Apple’s pullback has longer-term implications.
“We’ve been trading the market on growth for the past couple of years and to see that kind of shift is to say that even the highest flyers can stumble,” said Brad McMillan, chief investment officer of Commonwealth Financial Network.
“That injects a cautionary note for people who expect the high flyers to keep going.”
The S&P 500 fell 1.3 percent during the week to close at 2065.30, with Apple contributing more than one-quarter of the total decline.