Apple has fallen back below the value of the FTSE 100 as UK investors were caught in the crosshairs of a massive sell-off in technology stocks that rocked US markets. The California-based company dropped 8 per cent or $10 (£7.52) to close at $120.88 (£90.95) in New York yesterday as traders took their money and ran. This marked a $180billion (£135billion) fall in market value, the largest ever in one day for a US firm. The dive gave Apple a valuation of $2.07trillion (£1.55trillion) – slightly below the FTSE 100 which finished at £1.61trillion after falling 1.5 per cent, or 90 points, to 5851. This means the iPhone manufacture is now worth slightly less than all 100 UK firms, which together employ five million people compared to the 137,000 Apple staff. It came two days after Apple overtook the entire FTSE 100 value on Tuesday after the manufacturer’s share price surged during the coronavirus pandemic. At that stage it was worth $2.2trillion (£1.65trillion), compared to the FTSE at £1.63trillion. Yesterday’s falls took place as shares in other technology giants on Wall Street such as Amazon, Google’s Alphabet and Microsoft also dropped by more than 4 per cent. Analysts said there seemed to be no… Read full this story
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