NEW YORK: The tech-rich Nasdaq Composite Index led Wall Street
sharply lower again on Friday, closing out a dreary week at its lowest
level in more than two months.
The Nasdaq sank 54.37 points (1.34
per cent) to 3,999.73, its lowest close since February 3, when the index
settled for one session below the psychologically important 4,000
level.
The Dow Jones Industrial Average tumbled 143.47 (0.89 per
cent) to 16,026.75, while the broad-based S&P 500 shed 17.39 (0.95
per cent) to 1,815.69.
US equities were in the red most of the day, but losses deepened in the last 90 minutes of trade.
Highflying
technology and biotechnology stocks are "driving an overall correction
in the market," said Alan Skrainka, chief investment officer at
Cornerstone Wealth Management.
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