The Dow Jones Industrial Average lost more than 2,000 points.
The S&P 500 lost more.
And the Nasdaq lost more on concerns about Dell’s earnings, which fell as much as 7% and Dell’s stock fell as low as $16.80.
The Nasdaq also lost more amid concern about Dell earnings, while the Dow gained about 4%.
The Nasdaq is down about 13% over the past 12 months.
« We’re seeing a lot of activity around Dell and Dell stock.
There’s a lot more chatter around Dell stock in particular, » said David Rolfes, portfolio manager at Rolfs Investment Management in Fort Lauderdale, Fla.
Rolfus said that he doesn’t believe Dell shares are going to be « as high as some people think. »
« Dell has been the best performing stock in the S&s portfolio since the recession, but it’s been going up and up and it’s not even close, » Rolfos said.
« I think it’s fair to say Dell’s not going to make a big gain.
I think the stock is going to stay in the red and the market is going take it. »
For the past six months, Dell has seen its share price rise every month, according to FactSet data.
Dell shares hit a record high of $11,928 in September, when investors were hoping the company would launch a new laptop and tablet line.
But the company fell in value.
The company said that it is cutting 10,000 jobs, with 2,500 layoffs expected in the coming year.
Dell also said that the company is cutting another 10,400 jobs this year, with more than 4,000 layoffs expected.
The stock fell 5% to $10.93 at the close in New York.