Nasdaq falls 1.6% in midday trade, wipes out weekly gain as technology stocks stumble
The Nasdaq Composite Index extended its intraday decline midday Friday, with the decline on the session erasing the benchmark’s weekly rise. The Nasdaq , most recently, was down 1.6% at 7,718, and on track for a weekly fall of 1.3%, according to FactSet data. The slump comes as shares of tech and internet-related companies have taken it on the chin over the past few days, highlighted by a historic decline in shares of Facebook Inc. shares on Thursday and a plunge in Twitter Inc.’s shares . Both have fallen following quarterly results that disappointed the market. Meanwhile, the Dow Jones Industrial Average was off about 0.3%, while the S&P 500 index slipped by 0.7%. Both of those indexes were holding onto their weekly gains of nearly 1.5% and 0.6%, respectively. A weekly decline for the Nasdaq, if it holds, would mark the second straight such loss for the gauge, while the Dow and S&P 500 are on track for four straight weekly advances.