Dismal Week for U.S. Stocks

2 minute read

Stocks continued to drop Friday after a weeklong slide that saw investors reassessing some of the market’s strongest recent performers, including tech stocks like Google and Amazon. The Dow, Nasdaq and S&P 500 all fell more than 2% for the week, with Nasdaq taking the biggest hit.

The Nasdaq dipped below 4,000 for the first time since early February and ended the week at 3.999.7, down 1.3% on the day just one day after plunging 3.1% — its biggest drop since November 2011. The tech-heavy index finished down 2.8% for the week.

The S&P 500 fell nearly 1 percent to its lowest level in two months and was down 2.5% on the week, while the Dow Jones, which dropped .9% Friday, was down 2.3% on the week.

Tech stocks that have performed well over the past year saw some of the largest drops this week. Nasdaq’s Google, Amazon and Yahoo stocks were all down on the week.

Friday’s poor showing was also fueled by disappointing results from JPMorgan Chase & Co, which fell 3.7% on the day. The largest U.S. bank said Friday that profit fell 19% in the first quarter as revenue dropped from fixed-income trading and mortgages—results that may play out in other bank earnings next week.

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Write to Noah Rayman at noah.rayman@time.com