Major Averages Tumble To Worst Closing Levels In Over A Month

(RTTNews) - Stocks showed a substantial move to the downside over the course of the trading day on Thursday, more than offsetting the gains posted in the previous session. The sharp pullback dragged all three major averages down to their lowest closing levels in over a month.

With tech giant Apple (AAPL) leading the way lower, substantial weakness was visible among computer hardware stocks. Reflecting the weakness in the sector, the NYSE Arca Computer Hardware Index plunged by 2.7 percent to a two-month closing low.

Shares of Apple tumbled by 3.8 percent after the company pulled its iOS 8.0.1 update after receiving numerous complaints from iPhone 6 and iPhone 6 Plus users about drops in cellular service.

Steel stocks also extended a recent downward move amid concerns about global demand, dragging the NYSE Arca Steel Index down by 2.5 percent. With the drop, the index ended the session at its worst closing level in six months.

Software, internet, and networking stocks also saw significant weakness, contributing to the sharp loss posted by the tech-heavy Nasdaq.

Most of the other major sectors also came under pressure on the day, with natural gas, banking, telecom and oil service posting notable losses.

The major averages saw further downside going into the close, ending the day at their lows for the session. The Dow tumbled 264.26 points or 1.5 percent to 16,945.80, the Nasdaq plummeted 88.47 points or 1.9 percent to 4,466.75 and the S&P 500 plunged 32.31 points or 1.6 percent to 1,965.99.