Tech Companies Drag Down Stocks
(NEW YORK) — Weak earnings from big technology companies dragged down the markets to end the week.
The Dow Jones Industrial Average closed down 4.8 points to end the session at 15,543.74. The blue chips index still managed to finish the week up two points. The Nasdaq Composite gave up 23.67 points, closing at 3,587.61. The index was off by a half-point for the week. The S&P 500 managed to squeeze out a small gain of 2.72 points and closed at 1,692.09.
The tech sector led Friday’s declines on disappointing numbers from Google, Microsoft and chip-maker Advanced Micro Devices.
JP Morgan Chase says two directors who served on the bank’s risk policy committee at the time of its $6 billion trading blunder are stepping down. David Cote and Ellen Futter had both been re-elected to new terms, but with diminished support from shareholders.
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