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

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U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. 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 <.SPLRCT> 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. Tesla rose 4.4% as two analysts raised their price targets on the electric carmaker's shares ahead of its highly anticipated "Battery Day" event next week.

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