US President Donald Trump’s Europe travel ban announced sent all three major US stock indexes into a tailspin, slamming the book on the longest-running US bull market on record.
Stocks plummeted amid worsening economic fears after US Treasury yields briefly flashed a warning sign for a coming recession.
The Wall Street bond yields hit their lowest since 2017. Dow Jones is down 0.93%, with the S&P 500 down 0.85%, and Nasdaq down 0.39% as well.
US stocks were staging a furious late-afternoon rally on Thursday, closing with gains after erasing a near 600-point drop in the Dow Jones Industrial Average.
Apple Inc tops the list at over $1 trillion after crossing that threshold in September. Microsoft’s market capitalisation was Wall Street’s highest in late 1998 through early 2000 before the dot-com bubble burst.
US stocks plunged as investors, fearful that rising interest rates and trade tensions could hurt company profits, ramped up their selling of high-flying technology and internet stocks.
Costs of improving privacy safeguards and slowing usage in the biggest advertising markets combined with missed revenue and user growth targets saw the company's shares lose a quarter of their value.
The world's most valuable company beats profit expectations despite its iPhone X performing below par amid a fall in global demand for smartphones.
Stocks have changed direction again and again this week as investors tried to get a sense of whether a trade dispute between the two nations will escalate.
Most Asian stock markets were higher Wednesday after US shares rose on encouraging jobs data while worries about North Korea and twin hurricane disasters eased.
The news followed a week heavy with speculation and focus on the White House, with President Trump’s chief strategist Steve Bannon becoming the latest casualty of the administration’s shakeup.
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