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Apple's stock accelerates in downward spiral, worst decline in 4 years

Published on Dec 6, 2012 9:45 AM
 
Apple shares suffered their worst decline in four years on Wednesday as selling momentum gained steam for the longtime tech star and world's largest company by value. -- PHOTO : REUTERS

NEW YORK (AFP) - Apple shares suffered their worst decline in four years on Wednesday as selling momentum gained steam for the longtime tech star and world's largest company by value.

Apple stock tumbled 6.43 per cent to close at US$538.79, and is now down some 23 per cent from its record high earlier this year above US$700.

It was the worst single-day decline for Apple since Dec 17, 2008, according to Michael Gayed, strategist at Pension Partners.

The decline also wiped out some US$35 billion in value for Apple, whose market value is now some US$506 billion.

 
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