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Wall Street snaps three-day rally as Apple falls, trade optimism fades

The Dow Jones Industrial Average fell 109.91 points, or 0.43 percent, to 25,270.83, the S&P 500 lost 17.31 points, or 0.63 percent, to 2,723.06, and the Nasdaq Composite dropped 77.06 points, or 1.04 percent, to 7,356.99.

Marketcaptain

US stocks snapped a three-day rally on Friday as Apple shares dropped following a disappointing forecast and the White House dampened optimism over US-China trade talks.

Apple Inc tumbled 6.6 percent, sending its market value below $1 trillion at the close, a day after the iPhone maker warned that sales for the crucial holiday quarter may miss expectations. Apple in August had become the first publicly listed U.S. company with a $1 trillion market value.

The forecast dragged down shares of Apple's US suppliers, mostly chipmakers, and pushed the S&P technology sector down 1.9 percent.

"The tone was set by Apple's earnings. That's clearly been a headwind all day," said Eric Kuby, chief investment officer, North Star Investment Management Corp, Chicago.

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