Dow Jones Falls as Apple and Facebook Shares Turn Red
Photo: Reuters
(Investing.com) - The Dow Jones Industrial Average closed lower Wednesday, as an Apple-led decline in technology and an ongoing stalemate in stimulus talks on Capitol Hill weighed on investor sentiment.
The Dow Jones Industrial Average fell 0.35%, or 105 points after rising by more than 100 points intraday. The S&P 500 was down 0.84%, while the Nasdaq Composite slumped 1.94%.
Technology stocks exacerbated the broader market decline as the Fab 5 slipped into the red, paced by a 2% decline in Apple and Facebook. Amazon.com, Alphabet, and Microsoft slipped more than 1%.
Apple's day of losses come as Goldman Sachs reiterated its sell rating and $75 price target on the stock on concerns average selling prices are set to come under pressure. Facebook came under pressure after the Federal Trade Commission (FTC) and a slew of states sued the social media company for alleged antitrust violations.
The FTC said it was seeking legal action that could result in the breakup of Facebook business in order to rein the social media giant's monopolistic grip.
On Capitol HIll, meanwhile, the to-ing and fro-ing from lawmakers to get a stimulus agreement over the line looks continues. Senate Majority Leader Mitch McConnel snubbed the White House's $916 billion proposal and said his proposal for a skinny relief bill was brushed off by Democrats.
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Edited 10 Dec 2020, 11:21
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