Stocks fell on Wednesday as shares of Apple rolled over and dipped briefly into a bear market before recovering. A decline in bank shares also pressured the broader market.
The S&P 500 closed down 0.8 percent, clinching its fifth straight day of losses. It's now in the red for the month of November following October's 7 percent rout. The Dow Jones Industrial Average finished 206 points lower on Wednesday. The Dow fell more than 400 points from its highs of the day. The Nasdaq Composite pulled back 0.9 percent.
Apple fell 2.8 percent and briefly traded 20 percent below its all-time high, dipping into a bear market. The decline comes after Guggenheim downgraded the stock and UBS cut its iPhone estimates. Investors have been worried the company's iPhone sales will slow down in the near future. The stock had traded higher earlier on Wednesday and closed 19.9 percent from its record high reached earlier this year.