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Aug 24, 2:53 PM EDT

Apple's stock rebounds after CEO comments on China business

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Apple's stock rebounds after CEO comments on China business

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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.

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