The stock market had its worst day of the year on Wednesday after the bond market gave warning signs of a potential recession.
Public companies based in the greater San Fernando Valley region saw their stock price drop as the Dow Jones fell by just more than 3 percent, or 800 points, and the Nasdaq fell by 3 percent, or 242 points.
Pharmaceutical company Amgen Inc., (AMGN), in Thousand Oaks, closed down $5.80, or nearly 3 percent, to $198.87, while Burbank entertainment and media giant Walt Disney Co. (DIS) closed down $4.16, or just more than 3 percent, to $132.85 on the New York Stock Exchange.
Other large companies with a down day included Avery Dennison Corp. (AVY) with a decline of $2.83, or 2.5 percent, to $109.90 and Public Storage (PSA) in Glendale, which lost $2.64, or 1 percent, to close at $255.64. Both trade on the New York Stock Exchange.
But it wasn’t all bad news for Valley area companies.
Valencia aerospace parts and supply chain services provider Wesco Aircraft Holdings (WAIR) closed up 1 cent, or a fraction of a percent, to $11.01 while Interlink Electronics Inc. closed up 10 cents, or more than 5 percent, to $2.05 on the over-the-counter market.