Markets News

Dow, S&P close lowest, following a decline in Intel & IBM

Dragged down by the losses in blue-chip technology companies IBM and Intel the Dow and S&P 500 closed lower on Friday.

The S&P 500 along with NASDAQ settled at the lowest on the previous close of Friday. Both the indexes incurred losses with the opening bells as per the data.

The Dow Jones Industrial Average dropped by 179.03 points, or 0.57 percent settling at 30,996.98. On the other hand, the S&P 500 lost 11.6 points or 0.30 percent.

However the NASDAQ composite added 0.09 percent or 12.15 points closing near to 13,543.06.

Although the Dollar index gained weakness on a very good level, but there are three indexes still pending ,which gained on the weekly chart.

Backed up with their earnings reports, the investors inclined towards Apple Inc, Alphabet Inc along with Amazon.com Inc.

The S&P jumped to 1.94 percent along with Dow adding 0.59 percent for the week. However, NASDAQ gained at 4.19 percent drastically.

However, the poor performance of the Blue-chip companies can be anticipated with IBM Corp falling down at 9.91 percent. This was driven by poor sales along with the decline in its software unit.

Due to decline in the strong outsourcing, the Intel Corp also dropped by 9.29 percent. Further, many market bulls are saying new COVID variants are imposing even greater risks in the near future.

Investors believe that fluctuations in the vaccination drive is also one of the factors responsible for rising fluctuations in the market.


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