Apple stock falls toward 3-month low with bear market now in sight, even as Dow rallies

MW Apple stock falls toward 3-month low with bear market now in sight, even as Dow rallies

Shares of Apple Inc. $(AAPL)$ sank 3.4% in afternoon trading Monday, putting them on track for the lowest close in more than three months, as large-capitalization technology stocks continue to pull back despite the rally in the broader stock market. Apple was leading just the five of 30 Dow Jones Industrial Average components losing ground Monday, as the Dow soared 488 points, or 1.6%. Apple's stock, which is headed for the lowest close since Nov. 27, has now lost 18.1% since the Jan. 26 record close of $143.16. A close below $114.53 would put the stock in a bear market, which many define as a decline of 20% or more from a significant high. Separately, the 200-day moving average, which many chart watchers use as a dividing line between longer-term uptrends and downtrends, currently extends to $114.10; the last close below the 200-day was April 3, 2020. Apple's stock has shed 5.7% over the past three months, while the technology-heavy Nasdaq 100 has given up 1.7% and the Dow has rallied 6.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

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March 08, 2021 14:59 ET (19:59 GMT)

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