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Apple stock drop makes history with $179B loss

Suzanne O'Halloran

Just a few months ago Apple made history in becoming the first U.S. company to capture the $2 trillion value crown.

APPLE BECOMES FIRST $2T U.S. COMPANY

On Thursday, the company captured another record, this time for its falling share price which amounted to the biggest market cap drop for a U.S. listed company ever.

The stock lost over $179.92 billion in market value or 8% which equates to $10.52. That drop is larger than the individual market caps of 470 of the S&P's 500 companies, as tracked by Dow Jones Market Data.

APPLE'S 5G IPHONE COMING NEXT MONTH

Despite the drop, the market cap value remains at the $2 trillion levels and the majority of Wall Street analysts rate the stock a strong buy. The company is readying a 5G iPhone for release next month, according to reports.

It has been a volatile week of trading for the maker of iPhones following Monday's 4-for-1 stock split, the fifth since Apple became a publicly-traded company in 1980.

Pre-split, Apple was the largest weighted member of the Dow Jones Industrial Average representing nearly 12% of the 30 members. However, the split prompted a shake-up of the Dow, which catapulted United Health, Home Depot, Salesforce and Amgen to the largest weighted members.

Apple now accounts for about  3% of the Dow as tracked by Howard Silverblatt, Senior Index Analyst, at S&P Dow Jones Indices.

APPLE SAYS APP STORE CREATED 300K JOBS IN 16 MONTHS AMID ANTITRUST BATTLE

For most of this week, the shares were hovering at record highs until Thursday's sharp market downturn which was driven by uncertainty over the timing of a potential COVID-19 vaccine and potentially positioning ahead of the long holiday weekend, according to traders.

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