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Stocks posted sharp weekly losses on Friday after a strong downturn in technology shares.
The Dow Jones Industrial Average hiked 123.95 points to 25,413.22
The S&P 500 moved forward 6.07 points to 2,736.27
The NASDAQ fell 11.16 points – though off its lows of the day -- to end the week at 7,247.87
Still, the S&P 500 fell 1.5% this week, while the Dow and NASDAQ both declined more than 2%.
Technology, the biggest sector in the S&P 500 by market cap, is the second-worst performer this week, falling 2.5%. The sector is down following steep losses in Apple. The tech giant is down nearly 5.4%, week to date, as Wall Street analysts worry iPhone sales will slow down.
Tech-related shares like Amazon slid 7%, and Netflix was off 5.7%.
Sharp losses in Nvidia dragged down the chips sector and the overall tech sector on Friday.
Shares of Nordstrom dived 13.7%, while Williams-Sonoma tumbled 11.2% on Friday, as their quarterly reports disappointed investors.
Facebook was also under pressure this week, falling nearly 4% amid backlash from a New York Times article detailing how the company ignored and then tried to hide that Russia used the platform to disrupt the U.S. election in 2016.
The also come as investors fretted over political developments overseas amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.
Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 3.07% from Thursday’s 3.11%. Treasury prices and yields move in opposite directions.
Oil prices rose 34 cents to $56.80 U.S. a barrel.
Gold prices moved ahead $7.30 at $1,222.30 U.S. an ounce.
