Dow tumbles 650 points as Apple news, manufacturing data spark fears of global slowdown

U.S. stock indexes closed sharply decrease Thursday, after a survey of American producers confirmed the sector rising at its slowest tempo in two years, and after a gross sales forecast minimize by Apple Inc

AAPL, -9.96%

intensified fears of a slowing Chinese economic system. The Dow Jones Industrial Average

DJIA, -2.83%

fell 661.58 points, or 2.8%, to 22,684.66, the S&P 500 index

SPX, -2.48%

, shed 62.18 points, or 2.5%, to 2,447.87, whereas the Nasdaq Composite

COMP, -3.04%

tumbled 202.43 points, or 3%, to 6,463.50. The Institute for Supply Management’s manufacturing index fell to 54.1% in December, down from 59.3% the month earlier than and nicely under economists expectations of 57.0, per a MarketWatch ballot. Apple stock tumbled almost 10% after the corporate slashed its quarterly income outlook, blaming its lowered projections on delicate iPhone gross sales in Asia, with CEO Tim Cook publicly attributing some of the weak point to U.S.-China commerce tensions.

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