Technology companies led a broad slide for stocks Friday, as the major indexes registered a feeble ending to an up-and-down week on Wall Street. The Dow fell 166 points to 34,584, the S&P 500 fell 40 points to 4,432, and the Nasdaq fell 137 points to 15,043. All the losses were under 1%, though the latter two indexes were close to that. For the benchmark S&P, this marks two straight weekly losses, notes CNBC. Roughly 80% of the stocks in the S&P fell and every sector was in the red, per the AP. The index has been moving back and forth from daily gains to daily losses since Monday.
Trading was indeed choppy throughout the week. Investors have received a mixed bag of economic data reflecting how the economy is weathering a spike in COVID-19 cases and how it might continue its recovery in the coming months. Wall Street is also keeping a close watch on the Federal Reserve. Investors are looking for more information on how it plans to eventually ease support for low interest rates. The central bank meets next week. Much of this week’s economic data pointed to an economy struggling to move forward in the last few months. Inflation remains a concern for businesses, which are dealing with supply chain problems and facing higher costs.
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