Investors got some bad news about the American shopper on Friday, driving down stocks and sending the Dow Jones industrial average to a loss for the week.
Two major U.S. companies – the retail giant Amazon and the credit card processor Visa – both said that the second half of the year was looking more troubled than originally expected. The cautious outlook from two companies so heavily exposed to consumer spending spooked investors, causing the stock market to fall at the open and remain lower throughout the day.
The Dow Jones industrial average lost 123.23 points, or 0.7 percent, to close at 16,960.57.
The Standard & Poor’s 500 index fell 9.64 points, or 0.5 percent, to 1,978.34.
The Nasdaq composite fell 22.54 points, or 0.5 percent, to 4,449.56.
For the week:
The Dow is down 139.61 points, or 0.8 percent.
The S&P 500 is up 0.12 of a point, or 0.01 percent.
The Nasdaq is up 17.42 points, or 0.4 percent.
For the year:
The Dow is up 383.91 points, or 2.3 percent.
The S&P 500 index is up 129.98 points, or 7 percent.
The Nasdaq is up 272.97 points, or 6.5 percent.