S&P 500 Declines 1% on Friday, Going For Third-straight Losing Week

Bull and bear , symbolic beasts of market trend
Bull and bear , symbolic beasts of market trend

Stocks plummeted on Friday as the S&P 500 forged the path to its third-down week in a row due to rising bond yields and busy earnings. 

The Dow Jones Industrial Average declined 631 points or 1.8%. The S&P 500 was down 1.8%, and the Nasdaq Composite was 1.5% lower.

Following the disappointing quarterly results from several companies, the market tumbled dramatically. For instance, HCA Healthcare plunged 18% claiming the title of the worst-performing stock in the S&P 500. The price drop followed the company’s weak full-year earnings and revenue guidance. 

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Verizon shares dropped 6% after the wireless network operator reported a loss of 36,000 monthly phone subscribers in Q1. Gap shares fell 13% after the company announced the CEO of its Old Navy division, Nancy Green is leaving the firm this week. 

Friday’s dramatic price swings followed Federal Reserve chair Jerome Powell’s speech. The dow closed 300 points lower, while the S&P 500 plummeted by 1.5%. The tech-heavy Nasdaq Composite slid 2%.