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Business

Stocks in moderate decline; tech in focus

A Wall Street street sign is framed by

A Wall Street street sign is framed by an American flag hanging on the facade of the New York Stock Exchange on Wall Street on Sept. 8, 2015. Photo Credit: AP / Mary Altaffer

U.S. stock indexes closed moderately lower on Friday following three days of gains. Several technology stocks traded heavily. Energy stocks fell, as did the price of oil.

The Dow Jones industrial average lost 131.01 points, or 0.7 percent, to 18,261.45. The Standard & Poor’s 500 index lost 12.49 points, or 0.6 percent, to 2,164.69 and the Nasdaq composite index lost 33.78, or 0.6 percent, to 5,305.75.

Stocks posted solid gains this week, with the S&P 500 up 1.2 percent, as investors were relieved that the Federal Reserve decided to keep rates at their current low level.

Facebook fell 1.6 percent to $127.96 after The Wall Street Journal reported that the company was overstating how long users were watching video ads, raising concerns that some of Facebook’s ad revenue may be at risk.

Yahoo fell 3.1 percent to $42.80 after the company admitted the data of 500 million users was stolen by a foreign agent. While Yahoo has previously agreed to sell most of its assets to Verizon, there were concerns that this development may cause Verizon to go back to the negotiation table.

Twitter soared 21 percent to $22.62 after business network CNBC reported that the company is in talks for a possible sale.

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