U.S. stocks closed lower on Friday, with major indexes slumping in a broad decline. While Wall Street posted a second straight positive week, the selloff heavily eroded the week's gains.
The Dow Jones Industrial Average fell 0.8% to 24,463. The S&P 500 lost 0.9% to 2,670. The Nasdaq Composite Index ended down 1.3% to 7,146. For the week, the Dow rose 0.4%, the S&P was up 0.5% and the Nasdaq rose 0.6%. All three closed below their 50-day moving average, a level used as a gauge for short-term momentum trends.
Equities were pressured by a decline in Apple Inc. which shed 4.1% amid cautious analyst commentary over its upcoming quarterly results. While 10 of the 11 S&P 500 sectors closed in negative territory, technology was among the biggest losers of the day, down 1.5%. Separately, investors dropped stocks as the yield for the benchmark 10-year Treasury note rose to 2.96% and neared its highest since around 2014.
Source : Marketwatch