Volatility continued to grip financial markets, with U.S. stocks erasing a weekly gain and Treasuries arising alongside the yen, as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength in the American consumer.
The S&P 500 Index fell 1.2 percent as of 11:30 a.m. New York time, the biggest drop in a week.Slumping health-care and technology shares dragged the S&P 500 Index lower Friday. Megacaps Apple and Amazon.com sank more than 1 percent each, while Johnson & Johnson plunged amid reports the company knew its baby powder sometimes contained asbestos. Retailers retreated even after data indicated consumers are giving a bigger boost to the economy than expected this quarter. Walgreens Boots Alliance got hit with a downgrade, while Costco Wholesale dropped after competition squeezed margins.
Source : Bloomberg