Stocks fell 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 Dow industrials and S&P 500 indexes hit fresh 12-year lows.
Banks were among top drags, with JPMorgan
JPMorgan cut its price target and profit views on Apple, sending the shares of the iPod and iPhone maker down 6.2 percent to $83.33.
Tech fared fairly decently over the last couple weeks compared to the market overall. But with the overhang of a failing banking system it is still risky to own any kind of equity. (The) Apple (news) clearly doesn't help, said Gary Wedbush, head of trading at regional investment bank Wedbush Morgan in Los Angeles.
It is not so much capital rotation between sectors as it is sectors staying in line with the entire market. But the whole market has been dragged down by the financial sector.
The Dow Jones industrial average <.DJI> fell 74.39 points, or 1.13 percent, to 6,520.05. The Standard & Poor's 500 Index <.SPX> dropped 10.68 points, or 1.56 percent, to 671.87. The Nasdaq Composite Index <.IXIC> slid 22.93 points, or 1.76 percent, to 1,276.66.
The sell-off put the S&P 500 on the verge of its worst week since October.
In economic news, a government report showed the U.S. unemployment rate rose last month to its highest since 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 3.3 percent while Wal-Mart
Shares of chip-maker Qualcomm
The sell-off also pummeled other tech sector bellwethers, including Dow components International Business Machines Corp
Shares of car maker and Dow component General Motors
On the upside, shares of Dow Chemical
In other deal news, Roche Holding AG
(Editing by James Dalgleish)