Stocks skid as oil plunge continues; tech sector also falls

U.S. stocks are falling Friday as technology and internet companies take steep losses.

Energy companies are also lower as crude oil heads for its 10th drop in a row. The price of oil has been falling steadily since early October and is now trading at its lowest price since April, causing steep losses for energy companies in recent weeks.

Stocks have fallen over the last two days but are still on track for strong weekly gains.

Bond prices rose, sending yields lower.

KEEPING SCORE: The S&P 500 index dropped 31 points, or 1.1 percent, to 2,775 as of noon Eastern time. The Dow Jones Industrial Average fell 227 points, or 0.9 percent, to 25,965.

The Nasdaq composite fell 136 points, or 1.8 percent, to 7,393. The Russell 2000 index of smaller companies gave up 27 points, or 1.7 percent, to 1,551.

Even after falling on Thursday and Friday, the S&P 500 is still up 1.9 percent this week. It rose 2.4 percent last week but would need to gain another 5.6 percent to reach the all-time high it set on Sept. 20.

GAME OVER? Video game maker Activision Blizzard tumbled after its forecast for the critical holiday season fell short of analysts’ projections. The stock fell 10.8 percent to $56.04, and Take-Two Interactive lost 5.8 percent to $112.20. Other technology and internet companies also turned lower. Apple fell 2.4 percent to $203.39 and Google’s parent company Alphabet shed 1.9 percent to $1,073. Amazon lost 2 percent to $1,719.

OIL SKID: Benchmark U.S. crude lost 1.1 percent to $60.04 a barrel in New York. After peaking at $76.41 a barrel in early October, near a four-year high, U.S. crude has tumbled 21 percent to its lowest price since March. Brent crude, used to price international oils, has fared almost as badly.

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