Fri, 23 Oct 2020

NEW YORK, New York - U.S. stocks wrapped up weekly losses for a third week in a row on Friday, as technology shares again led the way.

Continuing falls in heavyweight techs Facebook, Alphabet, Microsoft and Amazon held-center-stage. The Nasdaq on Friday fell for the third day in a row.

"It looks to be sentiment driven and, to some extent, it appears to be rotational to us," Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle told the Reuters Thomson news agency Friday.

"We're not sure this really indicates there's a problem with economic growth, but rather, it's some profit-taking, some adjustment and rotation" between sectors, he said. "You're moving from the biggest weights in the market to the smallest weights."

At the close of trading Friday, the Dow Jones Industrial Average was down 244.56 points, or 0.88%, at 27,657.42.

The Standard and Poor's 500 let fo 37.54 points, or 1.12%, to 3,319.47.

The Nasdaq Composite shed 117.00 points, or 1.07%, to 10,793.28.

The U.S. dollar perked up on Friday, making minnor gains. The euro slipped to 1.1839 by the New York close Friday. The British pound dipped to 1.2916. The Swis franc eased to 0.9114.

The Canadian dollar fell to 1.3204. The Australian and New Zealand dollars lost ground to 0.7288 and 0.6758 respectively. Only the Japanese yen remained unchanged at 104.57.

On overseas equity markets, the Paris-based Cac 40 dived 1.22%. The German Dax was down 0.70%, while in London, the FTSE 100 lost 0.71%.

On Asian markets, the Nikkei 225 in Tokyo was ahead 40.93 points or 0.18% at 23,360.30.

China's Shanghai Composite was the region's best performer Friday, rising 67.65 points or 2.07% to 3,338.09.

In Australia the All Ordinaries index fell 11.60 points or 0.19% to 6,057.60.

Hong Kong's Hang Seng jumped 90.72 points or 0.37% to 24,431.57.

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