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Stocks skid as oil plunge continues; tech sector also falls

The logo for General Motors appears above a

The logo for General Motors appears above a trading post on the floor of the NYSE on April 23. Photo Credit: AP / Richard Drew

U.S. stocks fell Friday as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies. Crude oil prices fell for the 10th day in a row.

Auto sales in China fell in October for the fourth month in a row and are down 13 percent from a year ago, the latest sign its economy is under pressure. Concerns about China's economy and its trade dispute with the U.S. contributed to the global stock market skid in October. The stocks that fared the worst during that time included tech and internet companies and retailers, which all took sharp losses Friday.

"China has played such a critical role in driving global growth," said Kristina Hooper, chief global market strategist for Invesco. Investors "are having concerns that these tariff wars are essentially going to kick China when it's down."

U.S. crude oil slipped 0.8 percent to extend its losing streak. It's fallen for five weeks in a row and tumbled 21 percent since Oct. 3. Energy companies have suffered steep losses during that time.

The S&P 500 index dropped  0.9 percent, to 2,781.01. The Dow Jones Industrial Average fell 201.92 points, or 0.8 percent, to 25,989.30. The Nasdaq composite sank 1.6 percent, to 7,406.90. The Russell 2000 index of smaller companies gave up 28.72 points, or 1.8 percent, to 1,549.49. -- AP


 

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