STOCKS TANK, APPLE GETS CRUSHED: Here's What You Need To Know

First the scoreboard:

Dow: 14,618, -138.1 pts, -0.9%
S&P 500: 1,552, -22.5 pts, -1.4%
NASDAQ: 3,204, -59.9 pts, -1.8%

And now the top stories:

• Stocks sold off handily today. This came in the wake of some less-than-stellar earnings announcements.
• After the closing bell yesterday, chip giant Intel reported Q1 revenue and earnings that were right in line with analysts' expectations. “Amidst market softness, Intel performed well in the first quarter and I’m excited about what lies ahead for the company,” said CEO Paul Otellini. The stock closed modestly higher.
• Bank of America, however, whiffed on earnings and the stock plunged. This comes after a series of better-than-expected earnings announcements from peers JP Morgan, Wells Fargo, and Citigroup.
• The Federal Reserve released its latest Beige Book, a collection of economic anecdotes from across the country. There was nothing to exciting or surprising about the report. Overall economic activity is growing at a "moderate pace." Five of the 12 Federal Reserve districts reported "modest" economic growth while two districts reported a pace of growth that rose "slightly."
• Apple had an extremely ugly day, plunging by over 5%. Analysts were attributing the plunge to an earnings warning from one of the company's major suppliers, Cirrus Logic. Cirrus makes audio chips for iPhones and iPads.
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