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Dow ends more than 200 points lower, stocks skid after report on Apple’s cost-cutting plan

43425 dow ends more than 200 points lower stocks skid after report on apples cost cutting plan

Stocks gave up earlier gains Monday, with the Dow ending about 216 points lower, after Bloomberg reported on cost-cutting efforts taking shape at Apple Inc., a week before the iPhone maker reports quarterly results. The Dow Jones Industrial Average DJIA, -0.69% fell about 216 points, or 0.7%, to end near 31,071. The tech-heavy S&P 500 index SPX, -0.84% and Nasdaq Composite Index COMP, -0.81% shed about 0.8% each, according to FactSet. The Bloomberg report detailed plans by Apple AAPL, -2.06% to curtail hiring and spending for some teams next year, sending shares of the technology giant down 2.1%. At the session highs, the Dow was up more than 350 points.

Source: Marketwatch

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