Disappointing results at Visa, Amazon hurt stocks
NEW YORK (AP) — The stock market is ending lower after Visa and Amazon posted disappointing results.
The Dow Jones industrial average dropped 123 points, 0.7 percent, to close at 16,960 Friday. The Standard & Poor’s 500 index fell nine points, or 0.5 percent, to end at 1,978. The tech-heavy Nasdaq composite dropped 22 points, or 0.5 percent, to 4,449.
Amazon’s stock slumped $34.60, or 9.6 percent, to $324.01 after the online retail giant posted a wider loss than analysts had forecast. The stock slid the most in the S&P 500 index.
The Dow was dragged down by Visa, which fell $7.97, or 3.6 percent, to $214.77. The credit card processing giant reported an 11 percent rise in quarterly profit but cut its full-year forecast on concerns about overseas growth.