© Reuters. Wall Street closed lower, weighed by the weak performance of Apple stocks
NEW YORK (Reuters) – Wall Street closed lower on Friday as the S&P 500 and Nasdaq were affected by losses in Apple (NASDAQ :), Alphabet and other technology-related companies despite strong quarterly earnings reports.
A day after the Standard & Poor’s 500 closed at a record high, shares of Apple and Alphabet, which owns Google, and Facebook gave up their gains in the wake of upbeat quarterly reports this week.
Shares in Amazon (NASDAQ :).com were little changed after it announced record profits late on Thursday and indicated that consumers will continue to spend in a growing US economy.
Twitter shares plunged more than 15% after it provided tepid second-quarter earnings forecasts, saying user base growth could slow as the boost it experienced during the pandemic dwindles.
The Dow Jones Industrial Average ended the trading session 0.53 percent lower to 33,879.00 points, while the benchmark Standard & Poor’s 500 Index fell 0.72 percent to close at 4,181.17 points.
The Nasdaq Composite Index closed down 0.85% to 13,962.68 points.
The S&P 500 ended the week, up 0.03 percent, while the Dow Jones and Nasdaq fell 0.48 percent and 0.39 percent, respectively.
The three indexes ended the month in gains, with Standard & Poor’s climbing 5.24 percent to 2.72 percent and Nasdaq up 5.40 percent.
(Wajdi al-Alfi prepared for the Arabic newsletter)
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