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Stock markets shaken by Apple slide | Stock markets shaken by Apple slide |
(about 1 hour later) | |
Leading US shares have fallen on Wall Street, dragged lower by Apple, which slipped 3.5% after the technology giant was forced to pull an update to its iOS 8 operating system. | Leading US shares have fallen on Wall Street, dragged lower by Apple, which slipped 3.5% after the technology giant was forced to pull an update to its iOS 8 operating system. |
The main Dow Jones index was down almost 250 points, or 1.4%, at 16,964 in morning trading. | The main Dow Jones index was down almost 250 points, or 1.4%, at 16,964 in morning trading. |
Investor confidence was also knocked by weak durable goods orders figures released by the Commerce Department. | Investor confidence was also knocked by weak durable goods orders figures released by the Commerce Department. |
European markets also fell sharply after Wall Street opened. | European markets also fell sharply after Wall Street opened. |
Germany's Dax, having gained ground in morning trading, ended the day down 1.6%, while France's Cac 40 closed down 1.3%. In the UK, the FTSE 100 was 1% lower. | |
'Under fire' | 'Under fire' |
Other technology stocks listed on Wall Street were also hit by Apple's slide - both Microsoft and Intel were down 1.6%. | Other technology stocks listed on Wall Street were also hit by Apple's slide - both Microsoft and Intel were down 1.6%. |
Earlier, the world's biggest technology company apologised after an update to iOS 8.0.1 left some iPhone users unable to make or receive calls. | Earlier, the world's biggest technology company apologised after an update to iOS 8.0.1 left some iPhone users unable to make or receive calls. |
The company is also under fire following claims that its new iPhone 6 Plus had bent while in users' pockets. | The company is also under fire following claims that its new iPhone 6 Plus had bent while in users' pockets. |
Analysts suggested Apple would soon overcome these issues and its shares would soon recover. | Analysts suggested Apple would soon overcome these issues and its shares would soon recover. |
"Apple's decline is due to a confluence of unforced errors such as the botched iOS 8 update but, with the stock holding up well following the recent product announcements, today's declines could be more of a dip that offers a buying opportunity rather than the start of a bigger slump," said Chris Beauchamp, market analyst at IG. | "Apple's decline is due to a confluence of unforced errors such as the botched iOS 8 update but, with the stock holding up well following the recent product announcements, today's declines could be more of a dip that offers a buying opportunity rather than the start of a bigger slump," said Chris Beauchamp, market analyst at IG. |
Meanwhile, the Commerce Department said durable goods orders had fallen more than 18% in August from July, to $245bn. However, the drop was largely expected and followed a sharp increase in July, largely due to a jump in orders at airplane maker Boeing. | Meanwhile, the Commerce Department said durable goods orders had fallen more than 18% in August from July, to $245bn. However, the drop was largely expected and followed a sharp increase in July, largely due to a jump in orders at airplane maker Boeing. |