After helping to lead the markets lower in the previous session, networking stocks showed another notable move to the downside. The NYSE Arca Networking Index tumbled 1.9% to a seven-month closing low.
Within the networking sector,
Significant weakness was also visible among banking stocks, as reflected by the 1.5% loss posted by the Dow Jones Banks Index. Financial giant JP Morgan (JPM) turned in one of the sector's worst performances, falling by 2.1%.
Computer hardware stocks also added to yesterday's steep losses, with the NYSE Arca Computer Hardware Index falling by 1.1%. With the loss, the index pulled back further off the record closing high it set on Wednesday.
Telecom, software, and brokerage stocks also saw continued weakness on the day, while gold stocks moved higher along with the price of the precious metal.
The major averages ended the day moderately lower but well off their worst levels of the session. The Dow fell 69.93 points or 0.4% to 16,493.37, the Nasdaq slid 17.13 points or 0.4% to 4,352.64 and the S&P 500 dipped 5.52 points or 0.3% to 1,925.15.
For the week, the major averages all showed sharp moves to the downside. The Dow and the S&P 500 tumbled by 2.8% and 2.7%, respectively, while the Nasdaq slumped by 2.2%.
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