SAN FRANCISCO – Apple shares helped lead the stock market on a steep dive Monday morning, but the tech giant recovered in dramatic fashion soon after CEO Tim Cook assured a popular Wall Street commentator that his company is still doing well in China.
CNBC’s Jim Cramer shared the message with his audience as Apple’s stock plummeted more than 13 per cent Monday morning.
Get weekly money news
READ MORE: 5 reasons why the market meltdown matters to all Canadians
That plunge erased more than $75 billion in Apple’s market value, which started the day around $602.8 billion. Apple and other U.S. tech stocks were rocked Monday by continued worries over China’s economy, which is Apple’s second-largest market.
- B.C.’s deficit forecast up $450M to $13.8B after calculation errors on gas royalties
- TC Energy urges co-operation on growing natural gas network to meet ‘generational’ demand
- Manitoba offers to waive sales tax on major Port of Churchill investments
- New Brunswick aiming to attract $30 billion in investment at Toronto summit
After closing Friday at $105.76, Apple plunged Monday to a low of $92. But the stock then soared to $108.80, before settling around $104 on Monday afternoon.
Comments
Want to discuss? Please read our Commenting Policy first.