New York (AFP) – US stocks sank Thursday led by Apple’s 3.8 percent drop, amid a combination of worries over heady valuations and quarter-end profit taking.

At the closing bell the Dow Jones Industrial Average was down 264.26 points (1.54 percent) at 16,945.80.
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The broad-based S&P 500 lost 32.27 (1.61 percent) at 1,966.03, while the tech-rich Nasdaq Composite tumbled 88.47 (1.94 percent) to 4,466.75.

Apple’s embarrassing problems with its new operating system and criticisms that its new iPhones are too easily bent sparked its fall.

Peter Cardillo at Rockwell Global Capital cited a variety of concerns behind the broader sell-off, including geopolitical issues and weak economic data.

But he also pointed to profit taking as the third quarter draws to a close.

“Investors are closing their books and they might be cashing in on a lot of their profits,” he said.http://news.yahoo.com/apples-fall-leads-us-stocks-lower-144122401.html

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One Response to New York (AFP) – US stocks sank Thursday led by Apple’s 3.8 percent drop, amid a combination of worries over heady valuations and quarter-end profit taking.

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