Stocks Tumble this Week after Disappointing Financial Results with Internet Companies
According to reports today, the major stock indexes sold off in today’s stock market action. The Dow Jones industrial average declined by more than 238 points on Friday, as the stock market correction continues.
Disappointing quarterly financial results from major internet companies such as Amazon.com and Alphabet reportedly unnerved markets.
The Dow Jones industrials declined 1.4%, while the S&P 500 dropped 1.53%. Tech heavy Nasdaq is down 2.55%.
The estimate of economic growth was reportedly better than expected and helped indices pare some losses in early trading, with an advance reading of gross domestic product registering above consensus expectations. The U.S. economy grew at a 3.5% annual rate in the third quarter, instead of the 3.3% estimate.
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