US stocks close out worst week since May 2012

Oct 10, 2014 3:16 PM by News Staff

U.S. stocks are closing out a turbulent week with another loss, giving the market its worst week since May 2012.

Technology shares were especially hard hit. Semiconductor makers slumped after Microchip Technology cut its sales forecast for the quarter and warned investors to expect bad news from others in the sector.

The Dow Jones industrial average lost 115 points, or 0.7 percent, to 16,544 Friday.

The Standard and Poor's 500 fell 22 points, or 1.2 percent, to 1,906. The technology-heavy Nasdaq fell 102 points, or 2.3 percent, to 4,276.

The stock market has been swinging sharply this week. The Dow had its biggest decline of the year Thursday, a day after its biggest gain.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.29 percent.

Copyright 2014 The Associated Press. All rights reserved.


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