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Stocks are hit hard for second time in three days

April 17, 2013|by Walter Hamilton
  • The New York Stock Exchange.
The New York Stock Exchange. (Stan Honda / AFP/Getty Images )

The stock market is getting pounded for the second time in three days as shares of companies including Apple Inc. and Bank of America Corp. fell sharply.

Apple led a big decline in the Nasdaq composite after investors were spooked by a warning from one of its component suppliers, raising fears of future weakness at the technology behemoth. Bank of America slid after its first-quarter profit fell short of analyst estimates.

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As of 9:45 a.m., the Dow Jones industrial average had sunk 179.43, or 1.2%, to 14,577.35. The Standard & Poor’s 500 dropped 28.72 points, or 1.8%, to 1,545.85.

The pain was worst in the tech-laden Nasdaq, which shriveled 75.91 points, or 2.3%, to 3,188.72.

The losses were most pronounced in economically sensitive sectors following a spate of unimpressive economic data in the past week, including disappointing numbers on unemployment and retail sales.

Stocks also fell across Europe amid a stream of bad economic data that have raised fears of an even more prolonged downturn across the continent.


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Follow Walter Hamilton on Twitter @LATwalter

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