S&P 500 ends at lowest since May

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

The benchmark S&P 500 itself flirted with correction territory — when an index closes 10 per cent or more below its all-time closing high — but recovered to end off that level.

“It’s all been driven off quarter reporting,” said Ernesto Ramos, portfolio manager for BMO Global Asset Management in Chicago. “When the reports are bad in technology you get a really bad day because of the elevated valuations.”

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, its biggest weekly drop since March 23, while the Dow was down 3 per cent and the S&P 500 was down 4 per cent on the week.