Wall Street end lower, internet stocks tumble

Published: October 27, 2018 11:33:26 | Updated: October 30, 2018 10:22:51

File Photo (Collected)

US stocks closed lower on Friday, the S&P 500 ended at its lowest level since early May after technology and internet shares sold off further, capping a volatile week that confirmed a correction for the Nasdaq.

Google-parent Alphabet share fell as much as 5.6 per cent before recovering to end down just 1.8 per cent, reports Reuters.

Amazon tumbled 7.8 per cent in its worst daily percentage drop since October 2014, after it missed quarterly sales estimates and gave a below par holiday-season sales forecast.

The Dow Jones Industrial Average fell 296.24 points, or 1.19 per cent, to 24,688.31, the S&P 500 lost 46.88 points, or 1.73 per cent, to 2,658.69 and the Nasdaq Composite dropped 151.12 points, or 2.07 per cent, to 7,167.21.

The S&P 500 finished at its lowest level since May 3. The Nasdaq fell 3.8 per cent for the week while the Dow was down 3.0 per cent and the S&P 500 was down 4.0 per cent on the week.

Declining issues outnumbered advancing ones on the NYSE by a 2.68-to-1 ratio, while on Nasdaq a 2.13-to-1 ratio favoured decliners.

The S&P 500 posted no new 52-week highs and 88 new lows, while the Nasdaq Composite recorded 15 new highs and 323 new lows.

About 10.2 billion shares changed hands on US exchanges. That compares with the 8.3 billion daily average for the past 20 trading days.

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