Sunday, April 27, 2014

Wall Street trips as Amazon tumbles; indexes slip for week

Traders work on the floor of the New York Stock Exchange By Chuck Mikolajczak NEW YORK (Reuters) - U.S. stocks dropped on Friday, pulled lower by a selloff in consumer discretionary stocks as bellwether names Amazon.com and Ford Motor fell in the wake of their quarterly earnings. Amazon was the S&P 500's worst performer, down 9.9 percent to $303.83, and other high-flying sectors dropped along with it. Social media names slid, with Twitter losing 7.1 percent to $41.61, and the Nasdaq Biotechnology Index falling 2.4 percent as investors once again shied away from riskier sectors. Amazon's stock declined a day after the company reported a jump in quarterly revenue, which was offset by sharp increases in spending.








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