Stocks fall on Wall Street, giving up the week’s gains | National News
The Russell 2000 index of smaller companies recovered from an early slide and rose 3.96 points, or 0.2%, to 2,236.87.
Bond yields rose. The yield on the 10-year Treasury rose to 1.38% from 1.33% late Thursday.
Technology and communication stocks were the biggest weights on the market. Apple fell 1.8% and Facebook dropped 2.2%.
Oil prices fell 0.9% and natural gas prices fell 4.3%. The weak energy prices helped pull down energy stocks. Oilfield services company Schlumberger fell 1.9%.
Health care stocks eked out gains. Lab equipment maker Thermo Fisher Scientific was a standout with a 6.5% jump after giving investors an encouraging business update. Some travel-related stocks made solid gains. Cruise line operator Carnival rose 2%, while Norwegian Cruise Line gained 2.1%.
Also influencing the market’s gyrations was “quadruple witching,” the simultaneous expiration of four kinds of options and futures contracts. The phenomenon happens four times a year and forces traders to tie up loose ends in contracts they hold. More than 750 billion single stock options were due to mature Friday, said McKnight.