Investing.com - U.S. stocks dropped on Friday amid a
multi-session sell-off in the technology and biotechnology sectors,
as investors felt valuations have grown too lofty, while
disappointing earnings from JPMorgan Chase dampened spirits as
At the close of U.S. trading, the Dow 30 fell 0.89%, the S&P
500 index fell 0.95%, while the Nasdaq index fell 1.34%.
Biotech, Internet and other tech companies fell on Friday amid
growing concerns that valuations have grown too frothy after a
five-year bull market fueled in part by loose monetary
Elsewhere, U.S. financial giant J P Morgan Chase & Co
(NYSE:JPM) announced a 19% drop in first-quarter earnings, which
added to the selloff.
Solid U.S. data did little to boost spirits on Wall Street.
The preliminary Thomson Reuters/University of Michigan consumer
sentiment index for April came to 82.6, beating expectations for a
Separately, official data showed that the U.S. producer price
index rose 0.5% in March, exceeding expectations for a 0.1% gain,
after a 0.1% fall the previous month.
Core producer price inflation, which is stripped of volatile
food, energy and trade items, rose 0.6% in March, beating
expectations for a 0.2% rise after a 0.2% decline in February.
Leading Dow Jones Industrial Average performers included The
Travelers Companies Inc (NYSE:TRV), up 0.36%, Johnson & Johnson
(NYSE:JNJ), up 0.32%, and Chevron Corporation (NYSE:CVX), up
The Dow Jones Industrial Average's worst performers included J P
Morgan Chase & Co (NYSE:JPM), down 3.65%, Pfizer Inc
(NYSE:PFE), down 2.43%, and Visa Inc (NYSE:V), down 2.34%.
European indices, meanwhile, finished lower.
After the close of European trade, the DJ Euro Stoxx 50 fell
1.22%, France's CAC 40 fell 1.08%, while Germany's DAX fell 1.47%.
Meanwhile, in the U.K. the FTSE 100 fell 1.21%.
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