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Tech giant Apple witnessed a bitter experience in the stock market ever this week since July 31 with Thursday being the worst day for all the three indexes amid reports of glitch-ridden iOS 8 update and ‘bending’ fault in the latest iPhone 6 and 6 pus models.
The market watchers said that the selling started on a promising note early in the day and by noon, leading to all the 30 major companies featuring in the Dow Jones Industrial Average and the another ten firms on the Standard & Poor 500 index picking up very well during the trade. But, all the stocks lost the momentum later in the evening.
The Standard & Poor’s 500 index plunged 32.31 points, or 1.6 percent, to close at 1,965.99. On the other hand, Dow dropped 264.26 points, or 1.5 percent, to end at 16,945.80 in the closing trade. The Nasdaq composite declined 88.47 points, or 1.9 percent, to close at 4,466.75.
The investors, however, remained at ease as they were optimistic about growth, saying the fall was not a cause of big worry for the market.
“When you are at the peak, markets require more and more good news to keep on soaring high,” said Mark Luschini, the Chief Investment Strategist at Janney Montgomery Scott .
Market analysts said that among the worst hit technology companies was Apple that recorded decline of nearly four percent on Wednesday after the news of software update glitch surfaced and prevented users from making phone calls and using other services of their iPhone 6. During the heavy trading, the tech firm reported loss of USD 3.88 to USD 97.87.