Stocks skid as tech com­pa­nies and oil fall

Star-Telegram - - Business - BY MAR­LEY JAY

U.S. stocks fell Fri­day as a com­bi­na­tion of weak eco­nomic data from China and dis­ap­point­ing earn­ings hurt tech­nol­ogy and in­ter­net com­pa­nies. Crude oil prices fell for the 10th day in a row.

Auto sales in China fell in Oc­to­ber for the fourth month in a row and are down 13 per­cent from a year ago, the lat­est sign its econ­omy is un­der pres­sure. Con­cerns about China’s econ­omy and its trade dis­pute with the U.S. con­tributed to the global stock mar­ket skid in Oc­to­ber. The stocks that fared the worst then in­cluded tech and in­ter­net com­pa­nies and re­tail­ers, which all took sharp losses Fri­day.

“China has played such a crit­i­cal role in driv­ing global growth,” said Kristina Hooper, chief global mar­ket strate­gist for In­vesco. “(In­vestors) are hav­ing con­cerns that th­ese tar­iff wars are es­sen­tially go­ing to kick China when it’s down.”

U.S. crude oil slipped 0.8 per­cent to ex­tend its los­ing streak. It’s fallen for five weeks in a row and tum­bled 21 per­cent since Oct. 3.

The S&P 500 in­dex dropped 25.82 points, or 0.9 per­cent, to 2,781.01. The Dow Jones In­dus­trial Aver­age fell 201.92 points, or 0.8 per­cent, to 25,989.30.

The Nas­daq com­pos­ite sank 123.98 points, or 1.6 per­cent, to 7,406.90. The Rus­sell 2000 in­dex of smaller com­pa­nies gave up 28.72 points, or 1.8 per­cent, to 1,549.49.

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