U.S. Stocks Close Notably Lower; Nasdaq Sheds 1.5 Percent
(RTTNews) - U.S. stocks tumbled on Friday and the major averages all closed notably lower with the tech-laden Nasdaq suffering a more pronounced loss as yields on 10-Year Treasury Note rose to near 8-month high.
The Dow closed down 333.59 points or 0.77 percent at 42,992.21, well off the day's low of 42,761.56. The S&P 500, which dropped to 5,932.95, settled at 5,970.84 with a loss of 66.75 points or 1.11%, while the Nasdaq ended lower by 298.33 points or 1.49% at 19,722.03, recovering from a low of 19,533.40.
However, the Dow posted a weekly gain of about 1.4 percent, while the S&P 500 and the Nasdaq both moved up by more than 1.5 percent in the week.
Tesla closed nearly 5 percent down, while Apple Inc., Nvidia, Alphabet, Microsoft Corporation, Amazon, Oracle Corporation, Netflix, Accenture, Morgan Stanley and Micron Technology lost 1 to 3 percent.
On the economic front, data showed that U.S. retail inventories, excluding autos, increased by 0.6 percent month-over-month in November, following an upwardly revised 0.3 percent rise in the prior month, according to preliminary estimates.
Meanwhile, wholesale inventories fell by 0.2 percent month-over-month to $902 billion in November after a revised 0.1 percent increase in the prior month, according to advance estimates. On a yearly basis, wholesale inventories increased by 0.9% in November.
In overseas trading, Asian stocks turned in a mixed performance, while European markets closed on a firm note.
U.S. Dollar Falls Against Most Majors
German Inflation Accelerates To 2.2% In August
Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings
Swiss Market Ends Modestly Lower
European Stocks Close Lower On Geopolitical Tensions
U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August
Chicago Business Barometer Slumps Much More Than Expected In August
