Stocks ended a wobbly week broadly lower, with a good part of Friday's loss attributable to weakness in big technology companies like Apple and Amazon
Wall Street ended a milestone-setting week on a down note Friday, as stocks closed lower and the S&P 500 index posted its first weekly loss in four weeks.
“Some of what’s been reflected in the bond market is starting to filter into the [stock] market just a little bit,” said Stephanie Roth, senior markets economist at J.P. Morgan Private Bank.The S&P 500 fell 32.87 points to 4,327.16. It ended the week with a 1% loss. The Dow Jones industrial average dropped 299.17 points, or 0.9%, to 34,687.85. The tech-heavy Nasdaq composite slid 115.90 points, or 0.8%, to 14,427.24.
Trading was choppy this week after the three major stock indexes set all-time highs on Monday. The downbeat end to the week suggests investors are uncertain about how strong the economic recovery will be in the second half of the year. Inflation is raging, many of the U.S. government’s pandemic relief efforts are fading and the Federal Reserve is starting to discuss reining in some of its support for the economy.
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