Stocks skid as tech companies fall; oil plunge continues

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 March, 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 2,777 as of 2:54 p.m. Eastern time. The Dow Jones Industrial Average fell 220 points, or 0.8 percent, to 25,970.

The Nasdaq composite fell 134 points, or 1.8 percent, to 7,396. The Russell 2000 index of smaller companies gave up 27 points, or 1.8 percent, to 1,550.

Even after falling on Thursday and Friday, the S&P 500 is still up 2 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.

THE QUOTE: Kristina Hooper, chief global market strategist for Invesco, said investors are reacting to concerns about the health of China’s economy, and the U.S.-China trade dispute is partly to blame.

“We got a warning from the People’s Bank of China that there were downward pressures on the Chinese economy,” she said. “(Investors) are having concerns that these tariff wars are essentially going to kick China when it’s down.”

At the same time, the Labor Department said wholesale prices in the U.S. jumped, and Hooper said that could be linked to the tariffs as well. Wholesale prices rose by the most in six years in October. The Labor Department’s producer price index jumped 0.6 percent as gas,

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