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Wall Street closes sharply lower under impact of Apple (AAPL) and China worries

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Unusual protests in major Chinese cities over the weekend against the country’s strict Covid restrictions (Image: Pixabay)

At actions From United States closed sharply lower on Monday after protests in major Chinese cities against strict control policies Covid-19 sparked concerns about economic growth, while Apple Inc fell on concerns over iPhone production.

Shares in the tech giant fell 2.6% and weighed heavily on the S&P 500 index, as workers unrest at the world’s largest iPhones in China, prompting fears of a deeper impact on already constrained production of high-end phones.

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Unusual protests in major Chinese cities over the weekend against the country’s strict Covid restrictions are exacerbating concerns about growth in the world’s second-largest economy.

“Are these protests just evidence that this is a kind of moving target, where China will continue to really try to restrict the spread of Covid?” said Tom Hainlin, national investment strategist at US Bank Wealth Management in Minneapolis.

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“Or will they have more of a ‘living with COVID’ approach that we’ve seen in the United States and other countries?”

All 11 S&P 500 sector indices fell, led by real estate, down 2.81%, and a 2.74% loss in the energy sector.

O S&P 500 🇧🇷SPX) fell 1.54% to end the session at 3,963.95 points. O nasdaq 🇧🇷US100) fell 1.58% to 11,049.50 points, while the Dow Jones 🇧🇷DJI) retreated 1.45% to 33,849.46 points.

With two trading sessions left in November, the S&P 500 is on course for a 2.4% gain for the month.

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Source: Moneytimes

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