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Stocks Slump in Closing Minutes as Rebound Fades

June 28, 2023
in Trade Tube
Reading Time: 1 min read
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It was another unpredictable day for Apple (AAPL). The world’s largest company led the Dow Jones Industrial Average and recovered ‘Black Friday’ losses before stumbling alongside broad markets into the close. Stocks made a surprising reversal of the session’s gains as a rebound rally faded in the final hour of trading. The Dow dropped more than 200 points and the S&P 500 fell more than 1% to reenter a correction. Best Buy (BBY) topped the S&P 500 after reporting a 12% jump in quarterly earnings. The electronics chain generated a 1% increase in revenue, driven by increased sales of big-ticket items such as TVs and smartphones. Pepco Holdings (POM) bottomed out the S&P 500 on reports a $6.4 billion bid from Exelon (EXC) had been blocked by the D.C. Public Service Commission.

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