US STOCKS-Wall Street reduces losses after Apple rebounds

lunes 24 de agosto de 2015 14:39 GYT

* Chinese market falls 8 percent

* At one point, Dow down more than 1,000 points

* Apple mostly recovers after falling as much as 13 pct

* Indexes down: S&P 2.6 pct, Nasdaq 2.2 pct, Dow 2.2 pct (Updates to afternoon trade, adds comment)

By Noel Randewich

Aug 24 (Reuters) - U.S. stock indices were more than 2-percent lower in afternoon trade on Monday but were off the day's worst levels after a dramatic turnaround in shares of Apple helped boost sentiment.

The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever.

But by 2:20 pm, the Dow had recovered somewhat to trade down 362.12 points, or 2.2 percent at 16,097.63 as bargain hunters stepped in. The Dow has never lost more than 800 points in a day.

"In all likelihood, this is a buying opportunity in what is still a global economic expansion. But we are proceeding cautiously," said Jason Pride, Director of Investment Strategy at Glenmede, with $30 billion in assets under management.   Continuación...