Nov. 14 (UPI) — The Dow Jones Industrial Average fell more than 200 points Wednesday as concerns over Apple’s iPhone sent the company’s stuck plummeting.
At the end of trading Wednesday, the Dow was down nearly 206 points, or 0.81 percent, to 25,080 as shares of Apple fell 3 percent.
Apple’s stock briefly reached bear market territory, falling 20 percent below its all-time high.
In August, Apple became the first publicly traded company to reach a trillion-dollar market capitalization.
The S&P 500 was also down 0.8 percent and the Nasdaq composite fell 0.9 percent, also driven in part by the falling price of Apple shares.
Apple’s stock woes have come as companies including Qorvo, Lumentum, Japan Display and IQE that produce components use in iPhones reported negative forecasts citing a lack of demand for higher-end smartphones.
Despite the recent slide, Apple’s stock has been up more than 10 percent on the year and its earnings are expected to grow more than 13 percent this fiscal year.
Other tech stocks on the Dow were also down Wednesday, including Microsoft, IBM, Intel and Cisco.
Rep. Maxine Waters, D-Calif., also sent stocks on a downward trend as she said the days lax regulations will “come to an end,” when she is expected to take over the House Financial Services Committee in January.
