Stocks Slammed, Apple Dragged Down Tech

U.S. stocks declined on Thursday, seeing their worst day since July 31, as Apple tumbled on glitches tied to its new smartphone. The Dow Jones Industrial Average dropped 264.26 points, or 1.54%, to close at 16,945.80.The S&P slid 32.31 points, or 1.62%, to finish at 1,965.99. The Nasdaq Composite declined 88.47 points, or 1.94%, to end at 4,466.75.

Apple (AAPL)tumbled nearly 4 percent after the company pulled a software update for its iPhones late Wednesday because users complained that they weren’t able to make calls.

Nike Inc (NKE)reported a 15 percent jump in quarterly sales as the company reaps the benefits of heavy marketing investment during the soccer World Cup. Net income rose to $962 million, or $1.09 per share, in the three months ended Aug. 31 from $779 million, or 86 cents per share, a year earlier. Revenues jumped to $8.0 billion.

Memory chipmaker Micron Technology Inc (MU.O) posted fiscal fourth-quarter revenue above expectations as signs of stabilization in the personal computer industry supported demand for DRAM chips. Its revenue rose 49 percent to $4.23 billion in the fourth quarter, which ended in August.