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IPFS News Link • Stock Market

Dow tumbles more than 500 points, wipes out gain for the year to cap wild week on Wall Street

• https://www.cnbc.com, Fred Imbert

A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Average lower by 558.72 points to 24,388.95 and erased its gains for the year.

At one point, the Dow was up more than 8 percent for 2018.

The S&P 500 pulled back 2.3 percent to 2,633.08 and also turned negative for the year. The Nasdaq Composite dropped 3.05 percent to close at 6,969.25. Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google-parent Alphabet all traded lower. Apple's stock also fell 3.6 percent — erasing its gains for the year — after Morgan Stanley cut its price target on the tech giant's shares, citing weakening iPhone sales.

For the week, the major indexes all dropped more than 4 percent. Thursday's session included a violent drop of nearly 800 points, followed by a strong rebound from those levels. This week was also the worst for the indexes since March.


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