Stocks fell to further 12-year lows on Friday as a bearish brokerage view on Apple Inc
A 6 percent slide in Apple shares helped drag the Nasdaq to a 6-year intraday low, while the broad S&P 500 was on track for its worst week since October.
Banks were among the top drags, with JPMorgan
JPMorgan cut its price target and profit views on Apple, driving shares of the iPod and iPhone maker down 6.1 percent to $83.44.
The Nasdaq did break finally the November low, so I think we have some follow-through on that, said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co. in San Francisco.
As far as the financials, all these things that have been talked about are moving in the right direction ... in order to move forward, we need Geithner to come out and tell us the answer to the question: 'How do you value the assets?'
The Dow Jones industrial average <.DJI> fell 109.20 points, or 1.65 percent, to 6,484.13. The Standard & Poor's 500 Index <.SPX> shed 14.76 points, or 2.16 percent, to 667.79. The Nasdaq Composite Index <.IXIC> lost 28.57 points, or 2.20 percent, to 1,271.02.
Bleak economic news added to the negative tone after a government report showed the U.S. unemployment rate rose last month to 8.1 percent, its highest since December 1983, as 651,000 jobs were cut.
The gloomy jobs picture is disconcerting news both for companies and for consumers, whose spending drives corporate profits. The S&P retailers index <.RLX> fell 3.1 percent while Wal-Mart
Shares of cell-phone chip and technology supplier Qualcomm
Shares of car maker and Dow component General Motors
Energy shares offered some support as the price of oil rose 2.3 percent, or 99 cents, to $44.60 a barrel on expectations that OPEC could again reduce output. Chevron
Shares of Dow Chemical
In other M&A activity, Roche Holding AG
(Editing by Jan Paschal)