Markets Right Now: Stocks plunge again, led by technology
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Major indexes are sinking again as traders continue to unload stocks, extending dismal streak for the stock market.
Friday’s sell-off erased more than 500 points from the Dow Jones Industrial Average, bringing its weekly drop to more than 1,000.
Technology and health care stocks led the way lower. Microsoft fell 3.4 percent.
Traders have been dumping stocks this week as doubts emerged about how much progress had been made on defusing trade tensions between the U.S. and China.
News that a prominent Chinese tech executive had been arrested at Washington’s request suggested those tensions could get worse.
The Dow dropped 561 points, or 2.2 percent, to 24,394.
The S&P 500 fell 59 points, or 2.2 percent, to 2,636. The Nasdaq fell 190 points, or 2.7 percent, to 6,999.
Stocks are falling sharply on Wall Street, erasing an early gain, as the market closed in on its third weekly decline in four weeks.
Losses in technology and health care stocks Friday outweighed gains elsewhere in the market. Microsoft lost 2.1 percent.
Energy companies led the gainers as crude oil prices rose on news that OPEC members agreed to cut production next year. Anadarko Petroleum rose 3.4 percent.
The Dow Jones Industrial Average fell 321 points, or 1.3 percent, to 24,626.
The S&P 500 index fell 31 points, or 1.2 percent, to 2,664. The Nasdaq composite gave up 109 points, or 1.5 percent, to 7,079.
Bond prices fell. The yield on the 10-year Treasury rose to 2.89 percent.
Stocks are edging higher in the early going on Wall Street as trading settles down following a wild ride the day before.
Energy companies were doing well early Friday as the price of crude oil shot up 4 percent. Chevron climbed 1.6 percent.
Banks were also higher. JPMorgan Chase rose 1 percent.
Tobacco company Altria, which makes Marlboro cigarettes, rose 1.3 percent after announcing a $2.4 billion investment in Cronos Group, a Canadian medical and recreational marijuana company.
The Dow Jones Industrial Average rose 79 points, or 0.3 percent, to 25,034.
The S&P 500 index added 7 points, or 0.3 percent, to 2,703. The Nasdaq composite rose 6 points, or 0.1 percent, to 7,195.
Bond prices fell. The yield on the 10-year Treasury rose to 2.90 percent.