Shares in Apple Inc. dropped below US$88 per share Monday in the midst of a broad slump in the stock market. AAPL closed at $87.94, a loss of $1.37 (-1.53%), on moderate volume of 26 million shares trading hands.
The stock is still riding above its 52-week low of $78.20 per share, at which it closed on January 20th, 2009, but is far below its 52 week high of $192.24 per share, which it hit on May 14th, 2008.
There was no Apple-specific news moving the company's stock in Monday's trading session, but a general sell-off sent the Dow to 12-year lows. News that AIG announced a $61.7 billion quarterly loss, and that it would need and receive another $30 billion in government loans, sparked the sell-off.
The S&P 500 index fell 34.27, (-4.7%) to 700.82, while the Nasdaq fell 54.99 (-4%) to 1,322.85. The Dow fell 299.64 points (-4.24%) to 6,763.29.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.