Wall Street turns dark red

Wall Street turns dark red

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The US stock exchanges were closed with losses on Friday. Fewer earnings reports from the tech sector depressed sentiment, as did continued trade concerns. In addition, investors are worried that the continued decline in oil prices could cause problems for the economy.

The Dow Jones index ditch with a loss of 0.8 percent at 25,989.30 points. The S & P 500 lost 1.3 percent to 2769.74 points and tech heavy NASDAQ lost 1.7 percent to 7406.90 points.

The price of a barrel of American oil dropped 1.4 percent to $59.84. A barrel of Brent oil fell 1.4 percent to $69.69. Oil prices went down for the tenth day in a row. In the wake, companies in the energy sector also decline. Mining and steel stocks also closed in the red, following European peers.

Results from chipmaker Skyworks Solutions (down 8 percent) caused a decline in the tech sector. From the figures it could be concluded that the demand for smartphones is decreasing.

General Electric (GE) lost 5.7 percent after a negative analyst report. Among other things, there were concerns about the financial situation at the industrial conglomerate. The electronics chain Best Buy (down 7.4 percent) also stood with the fallers. The deal between internet giant Amazon and tech company Apple about the sale of the latest iPhones did not share any good.

Walt Disney added 1.7 percent. The entertainment group did good business with its theme parks in the past quarter. The successful films Ant-Man and the Wasp and Incredibles 2 also spent a lot of money. Disney also presented its own streaming service Disney Plus.

Cloud storage service Dropbox was rewarded with a price gain of 3.3 percent thanks to better than expected results. The quarterly car rental report from Hertz Global (plus 19 percent) was also excellent.

Restaurant rating website Yelp lost 27 percent after disappointing numbers and expectations. Computer game maker Activision Blizzard was put down 12 percent due to disappointing forecasts.

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She is the Managing Editor for in-depth discussions and analysis as well as breaking news at Markets Morning. She works closely with Editor-in-Chief Zac Berry on content and publishing initiatives for the site. Brianna Clemons has worked as a financial journalist and editor since 1997. She lives in Bucks County, PA, with her husband, four young children and one dog.

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