Technology slide pulls S&P 500 down for 5th consecutive loss | national news


By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers

Wall Street closed a choppy trading day on Friday with stocks falling again and the S&P 500’s first weekly loss in three weeks.

The core index fell 0.8%, its fifth consecutive decline, and ended down 1.7% for the shortened holiday week. This is the biggest weekly drop since June. The other major US stock indexes also posted weekly losses.

The selloff was widespread, although tech, healthcare and communications stocks weighed the most on the S&P 500. Smaller company stocks also fell sharply. Mostly, Treasury bill yields increased. The price of US crude oil rose 2.3%.

Shares have been trading in a narrow range for several weeks as most investors sit on the sidelines waiting to gain a better understanding of where the economy is heading and how the pandemic is affecting businesses.

“There’s no good news to come, and that’s important because we’ve received a decent amount of good news that has poured in so far this year,” said Liz Young, head of investment strategy of the personal finance company SoFi.

The S&P 500 lost 34.70 points to 4,458.58. The index is now less than 1.8% of the all-time high it set last week. The Dow Jones Industrial Average lost 271.66 points, or 0.8%, to 34,607.72. The high-tech Nasdaq composite lost an early gain, losing 132.76 points, or 0.9%, to 15,115.49.

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