NEW YORK, N.Y. – The stock market is ending lower after Visa and Amazon posted disappointing results.
The Dow Jones industrial average dropped 123 points, 0.7 per cent, to close at 16,960 Friday. The Standard & Poor’s 500 index fell nine points, or 0.5 per cent, to end at 1,978. The tech-heavy Nasdaq composite dropped 22 points, or 0.5 per cent, to 4,449.
Amazon’s stock slumped $34.60, or 9.6 per cent, to $324.01 after the online retail giant posted a wider loss than analysts had forecast. The stock slid the most in the S&P 500 index.
The Dow was dragged down by Visa, which fell $7.97, or 3.6 per cent, to $214.77. The credit card processing giant reported an 11 per cent rise in quarterly profit but cut its full-year forecast on concerns about overseas growth.