(CNBC) — Stocks fell on Wednesday as shares of Apple rolled over and fell into a bear market. A decline in bank shares also pressured the broader market.
The S&P 500 traded 0.3 percent lower and was on pace for its fifth straight day of losses. The Dow Jones Industrial Average fell 72 points after rising more than 200 points earlier in the day. The Dow fell more than 350 points at its lows of the day. The Nasdaq Composite pulled back 0.3 percent.
Apple fell 2.2 percent and briefly traded 20 percent below its all-time high, entering 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.
