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Stocks Crumble on Apple and Bank of America Concerns

Jeremy Bowman
April 18, 2013

If you're starting to get dizzy following the market, you're not the only one. For the third day in a row, the Dow Jones Industrial Average (INDEX: ^DJI) moved by triple digits, this time falling by 0.9% today. On a day with no major earnings reports, Bank of America (NYSE: BAC) and Apple (NASDAQ: AAPL), arguably the market's two most volatile megacaps, seemed to be the culprits as both were down 4.7% and 5.5%, respectively.

Indexes in Germany and France were also both down 2.3% on rumors that the eurozone's two biggest economies could see downgrades in their credit ratings. The head of Germany's national bank, Jens Weidmann, said that the debt crisis could take the continent a decade to get over.

This afternoon's release of the Federal Reserve's Beige Book report showed the central bank sees a continuing "moderate" pace of growth from the economy as improvements in the housing and auto sector help defray headwinds from bu