Drops in earnings for energy giants Exxon Mobil and Chevron prompted investors to dump energy stocks in droves Friday, which eventually weighed on all main equity benchmarks. The Dow slipped 55 to 17,691, the S&P closed 5 lower at 2,103 and the Nasdaq ended the session less than a point lower at 5,218.
China stocks suffered their sharpest daily percentage decline since 2007, as worries mount that authorities are pulling back on measures to prop up the market.
Just a few companies are driving the gains in major U.S. stock indexes this year, raising fresh concerns about the health of the market’s advance. Six firms-Amazon.com Inc., Google Inc., Apple Inc., Facebook Inc., Netflix Inc. and Gilead Sciences Inc.-now account for more than half of the $664 billion in value added this year to the Nasdaq, according to data compiled by brokerage firm JonesTrading.
Listen in for much more in the Wall Street Wrap-up.
