So by now you know that Apple got slammed today, dropping over 4%.
And it was Apple's 5th straight down day, and the stock's been badly undeperforming the broader market.
Oh, and it's not just Apple, but other high-flying momentum/tech stocks have got hammered as well. Google and Priceline also got slammed.
But there's good news for the market...
See, as Apple was rising day in and day out, there was a persistent worry: What will happen to the broader market if APple finally sells off? Will this tank the whole damn thing?
And today we got our answer: no.
24 out of 30 Dow stocks were up today. Even the S&P was basically flat, even though Apple is a really big slice of that index.
Granted, things have been weak lately, so it's not like everything is going along fine, but today we saw that we can get an up day for much of the market, even as Apple, Google, ando thers get pounded.
See here for a chart of Apple's heavy selling lately >
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See Also:
- Apple Shareholders Really Aren't Used To What's Happening Right Now
- DOW OFF 200
- JPMorgan On The 4 'Reasons' For The Stock Market Selloff