Tech Stocks Clobbered at Close of Tumultuous Week: Markets Wrap
- U.S. economic growth overshadowed by Facebook, Twitter flops
- Telecoms, banks boost European equity gauges; crude declines
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Tech stocks took another beating Friday, as Twitter followed Facebook in delivering disappointing results and Intel said a key new chip technology wouldn’t be out until late next year. The dollar weakened and Treasuries gained.
The Nasdaq Composite Index hit a two-week low thanks to the underwhelming news. Still, the S&P 500 Index was up almost 1 percent on the week, as positive earnings from Amazon and a robust second-quarter U.S. GDP figure buoyed some sectors. There could be more turbulence next week, with companies including Tesla set to report.