Wild day on Wall Street after Dow plunges nearly 600 points
It was another awful day on Wall Street. Stocks bounced around wildly and the Dow plunged again, dropping nearly 600 points.
It was a tumultuous day for the Dow. It dropped more than 1,000 points at the opening bell, recouping some of the huge losses midday, only to fall again to end the day down nearly 600 points.
For the first time, Cupertino-based Apple's shares dipped below 100 dollars each Monday until a stunning reversal.
Apple led the tech later in the trading day, closing at $103 a share.
CEO Tim Cook took an unusual step and sent an email to a financial reporter, disclosing that sales in China have been strong in July and August.
After it was made public, the email helped Apple's stock to recover for a while, but eventually ended down 2.5 percent at the close.
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The Dow fell four percent, more than 1,000 points in two days.
"I know I took a hit on Friday because I did look at that, but today, I haven't looked," Palo Alto investor Sarah Ward said. She said she is afraid to look.
Ward is 69 years old, which she says gives her little time to recover losses. But she's given up on retiring anytime soon.
She thinks she may have to work until she's 90, and she's just one of several senior ABC7 News interviewed at Palo Alto's Avenidas Center.
The nearly 1,100 point drop at the market open was probably computer driven, according to former investment banker Terry Connelly, Dean Emeritus at Golden Gate University's Ageno School of Business.
"Part of this morning to me was a little like 'Blade Runner.' The machines were killing the machines. And we had an algorithm panic attack if we could call it that. And it took a little time for the humans, if you will, to intervene," Connelly said.
Uncertainty remains that could fuel more days of volatility, including the possibility of an interest rate hike by the Federal Reserve, which could impact home and auto loans and credit card rates.
"They've been unrealistically low, but I think the Fed has been signaling they're going to raise those rates, so I don't know why people all of a sudden get upset that they may go up," retired CEO Bruce Heister said.
Investors are also waiting to see what China will do to prop up its economy.
