Dow tumbles 300 factors Friday, posts worst week since September
The Dow Jones Industrial Average Falls 300 Points on Friday
The Dow Jones Industrial Average (DJIA) ended the week on a sour note, falling by over 300 points on Friday. The blue-chip index closed at 33,587.66, a decline of 0.9% from the previous day’s close. This marks the DJIA’s worst weekly performance since September of last year.
Tech Stocks Lead the Decline
The decline was led by technology stocks, which have been under pressure in recent weeks as investors rotate into value stocks amid rising inflation concerns. The Nasdaq Composite, which is heavily weighted towards tech companies, fell by 0.9% on Friday. The S&P 500, which includes a broader range of industries, was down by 0.7%.
The sell-off in tech stocks was fueled by disappointing earnings reports from companies such as Peloton and Roku, which missed revenue and subscriber growth expectations. Meanwhile, investors also reacted negatively to a disappointing jobs report, which showed that the US economy added only 266,000 jobs in April, far below the 1 million that economists had expected.