Aug 24, 2:53 PM EDT

Apple's stock rebounds after CEO comments on China business

Latest News
Latvian man pleads guilty in worldwide computer virus case

Latest News
Clarification: Apple's News Service-Things To Know story

Apple aims to boost mobile device sales with Cisco's help

Google tries to woo iPhone owners with Android watch app

Apple's music service losing key player as exec resigns

Apple schedules new product event for Sept. 9

Buy AP Photo Reprints
Steve Jobs timeline

SAN FRANCISCO (AP) -- Apple shares helped lead the stock market on a steep dive Monday morning, but the tech giant recovered in dramatic fashion soon after CEO Tim Cook assured a popular Wall Street commentator that his company is still doing well in China.

CNBC's Jim Cramer shared the message with his audience as Apple's stock plummeted more than 13 percent Monday morning.

That plunge erased more than $75 billion in Apple's market value, which started the day around $602.8 billion. Apple and other U.S. tech stocks were rocked Monday by continued worries over China's economy, which is Apple's second-largest market.

After closing Friday at $105.76, Apple plunged Monday to a low of $92. But the stock then soared to $108.80, before settling around $104 on Monday afternoon.

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

Latest News