Apple Shares Enter Bear Market; Dow Dumps More Than 500 Points

Apple (AAPL) was a major drag on the Dow on Friday after dropping more than 5%. The world's largest company entered bear market territory after dropping 20% from a February high. It was a brutal end to the week as massive losses piled up in the final hour of trading. The Dow dropped more than 500 points over the session, nearing a 10% decline from its record close in May. The S&P 500 was down 7.5% from its highs. Major oilers were under pressure on the decline in commodities. Among the worst performers, Exxon Mobil (XOM), Chevron (CVX), Shell (RDS.A) and BP (BP) plummeted. The energy sector was the worst performer on markets after crude oil briefly dropped below $40 a barrel. Oil was down 4.8% for the week, its eighth weekly loss and longest losing streak in 29 years.