Apple Stock Officially Enters Correction Territory After Monday Drop

Apple (AAPL) stock officially enters correction territory. The shares dropped Monday and are correcting by at least 10% for the first time in 7 1/2 years. Apple stock is down nearly 11% from the record high reached February 23rd of $133. Shares are now at the lowest point since January 30th. While Apple stock is in a correction, it is not yet in a bear market. A drop of at least 20% is necessary before that would happen. Apple's stock crossed the 200 day moving average which many chart watchers use as a guide for a stock's long terms trend. Apple has been pressured by economic slowing in China, which is the company's biggest growth market for the iPhone.