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Investors concerned about a decline in global growth helped push shares sharply lower Monday, while Dow Jones's industrial product fell 602 points, or 2.3 percent.
Technology funds went particularly bad, with Apple down 5 percent, after a report There were cut orders for iPhone parts. The downturn beat 100 points by Dow and contributed to a broader routine. The technologically heavy Nasdaq Composite fell almost 2.8 percent, and wiped out gains for November.
"Apple is a bellwether," Randy Frederick, Vice President of Commerce and Derivatives in Schwab, told the Financial Times. "When Apple seems to struggle – for whatever reason – it's perceived that it will also affect other tech companies. It may or may not be true, but that's perception."
Shares of banks and financial services companies also fell. Among the major losers, Goldman Sachs, who fell about 7.5 percent, reported reports of his involvement in a Malaysian corruption scandal.
Although the general US economy is performing well, the stock market has been particularly turbulent lately and erasing entire winnings for the year by the end of October.
Prices have climbed back since then, but Monday's big loss represented another major setback.
Investors are said to be concerned about signs that economic growth is declining in other countries. Among the issues identified is the UK's lack of agreement on a plan to leave the EU and Italy's budget deficit.