Apple's Stock Officially Enters Correction Territory As It Crosses Below Key Technical Level

Apple Inc.'s stock dropped 2.4% on Monday, to officially enter correction territory for the first time in 7 1/2 months. The blue-chip technology company's stock closed 10.9% below the Feb. 23 record close of $133, and at the lowest since Jan. 30. Many view declines of up to 10% from a significant peak a pullback, and declines of at least 10% to up to 20% a correction. A bear market is a drop of 20% or more. The last time the stock closed at least 10% below a significant peak was Jan. 16, 2015. Apple's stock also crossed below the closely-watched 200-day moving average, which many chart watchers use as a guide to a stock's long-term trend. The last time it closed below the 200-day moving average Sept. 17, 2013. The stock, which eased another 0.1% in after-hours trade, has lost 8.2% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.