Apple bounces after briefly dipping into bear market territory

Apple CEO Tim Cook participates in an American Workforce Policy Advisory Board meeting with U.S. President Donald Trump and others in the White House in Washington, March 6, 2019.
Leah Millis | Reuters

Apple shares are bouncing back, after briefly tumbling into bear-market territory on Friday. 

Shares are now down more than 1%, after being down more than 20% from their recent record on an intraday basis earlier in the day. Apple is 18% from its most recent high. 

This move lower made the iPhone maker among the hardest hit members of the Dow Jones Industrial Average due to the coronavirus.

Apple hit an all-time high on Jan. 29, reaching $327.85 per share. On Friday morning, the stock traded down more than 4% around $261. At last count, that put it off 21% from its record.

But Apple is not the only Dow component that has taken a beating recently. All 30 Dow members are in correction territory, down at least 10% from their 52-week highs.

Exxon Mobil and Boeing are down about 40% each from their 50-week highs while Cisco and 3M have fallen nearly 30% each.

Apple has been hit over fears the coronavirus would hurt demand in China, as well as disrupt its supply chain there. The company said last week that it will likely not meet its guidance for the first quarter because of the virus impact.

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