NEW YORK -- U.S. stocks took their biggest loss in three weeks Thursday after a late sell-off. Apple, which is mired in a slump, fell to its lowest price in about two months and dragged the tech sector sharply lower.
Tech stocks, which rose early on earnings gains from Facebook and PayPal, slumped after billionaire investor Carl Icahn disclosed that he'd sold his stake in Apple. Icahn wasn't a major Apple shareholder, but his moves are closely watched by many investors.
The Dow Jones industrial average fell 210.79 points, or 1.2 percent, to 17,830.76. The Standard & Poor's 500 index fell 19.34 points, or 0.9 percent, to 2,075.81. The Nasdaq composite closed lower for the sixth day in a row, losing 57.85 points, or 1.2 percent, to 4,805.29. That index has struggled in part because Apple, the most valuable public company in the world, has fallen 15 percent in two weeks.
Earlier in the day, indexes had wavered between small gains and losses. Investors were surprised the Bank of Japan decided not to take further action to stimulate that nation's economy, and the yen continued to get stronger against the dollar.
"All they did was delay the inevitable," said Scott Wren, global equity strategist for Wells Fargo's Investment Institute. "All these global central banks, they're going to come out guns blazing" to stimulate their economies.
Hanesbrands, a maker of underwear, T-shirts and socks, said Thursday that it will buy the biggest maker of underwear in Australia. The company said its offer values Pacific Brands Ltd. at $800 million. Hanesbrands also has made a series of deals to give it more control of the Champion brand overseas. The stock jumped $1.74, or 6.3 percent, to $29.53.
Apple fell $2.99, or 3.1 percent, to $94.83 after Icahn's announcement to CNBC. Apple sank 6 percent Wednesday after reporting its first revenue decline in over a decade as iPhone sales fell. Apple's loss canceled out a gain for Facebook, which reached an all-time high. The social network's first-quarter profit nearly tripled, while its revenue was also better than expected. The stock climbed $7.84, or 7.2 percent, to $116.73.
Bond prices continued to rise after a big gain on Wednesday. The yield on the 10-year U.S. Treasury note fell to 1.83 percent from 1.85 percent.
Consumer stocks also struggled. Harman International, which makes automotive electronics and audio equipment, reported first-quarter results that didn't meet analysts' projections. The company also cut its forecasts for the rest of the year. Harman said revenue from a unit that serves restaurants, sports arenas and other businesses fell. Its stock dropped $11.83, or 13.3 percent, to $77.07.
Benchmark U.S. crude oil, which is at its highest prices in almost six months, rose 70 cents, or 1.5 percent, to $46.03 a barrel in New York. Brent crude, the international standard, picked up 96 cents, or 2 percent, to $48.14 a barrel in London.
Gold gained $16, or 1.3 percent, to $1,266.40 an ounce. Silver jumped 26 cents, or 1.5 percent, to $17.55 an ounce. Copper rose 1 cent to $2.22 a pound.
Business on 04/29/2016