Dow Jones News: Virus Fears Tank Index; Apple and Boeing Tumble
As the coronavirus outbreak that originated in China continues to escalate, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down big on Monday. The Dow had shed more than 700 points by 10:15 a.m. EST, good for a 2.5% decline.
Apple (NASDAQ: AAPL) and Boeing (NYSE: BA) were two of the Dow's bigger losers, both stumbling a bit more than the index. An optimistic analyst sees Apple's supply chain problems in China lasting until at least April, which didn't help the stock on Monday. Meanwhile, Boeing is reportedly dealing with a widespread debris issue with its grounded 737 Max.
Apple is dependent on the iPhone and other gadgets for the bulk of its revenue, and it's dependent on China for much of its manufacturing. The coronavirus outbreak has upended the tech giant's supply chain in the country, with suppliers slow to ramp up capacity and meet demand. Along with depressed demand for Apple products in China, the supply chain woes led the company to withdraw its second-quarter guidance earlier this month.
Source Fool.com
