Wall Street Posts Third Week of Declines as Tech Slide Drags on
4 years, 3 months ago

Wall Street Posts Third Week of Declines as Tech Slide Drags on

News 18  

US stocks fell on Friday as technology shares sold off for a third day in a row, while all three major US indexes posted a third straight week of declines. Apple Inc, Microsoft Corp, Amazon.com Inc and Alphabet Inc., which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq on Friday, while the S&P 500 technology index fell 1.7%, the biggest weight among the S&P 500 sectors. Friday marked the quarterly expiration of U.S. stock options, stock index futures and index option contracts, known as “quadruple witching,” bringing increased trading volume at the market close. The Dow Jones Industrial Average fell 244.56 points, or 0.88%, to 27,657.42, the S&P 500 lost 37.54 points, or 1.12%, to 3,319.47 and the Nasdaq Composite dropped 117.00 points, or 1.07%, to 10,793.28. “You’re moving from the biggest weights in the market to the smallest weights.” The S&P 500 materials is the best-performing sector so far this month, while S&P 500 technology is the worst.

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