Stocks Fall, Pushing S&P Into Correction

Amazon's profit and revenue exceed expectations
By Bob Cronin,  Newser Staff
Posted Oct 27, 2023 4:00 PM CDT
Stocks Fall, Pushing S&P Into Correction
Trader John Conlon works on the floor of the New York Stock Exchange earlier this month.   (AP Photo/Richard Drew)

Stocks closed lower Friday on Wall Street, pulling the S&P 500 down 10% from the peak it reached in July. That puts the benchmark index into what's called a "correction," the AP reports:

  • The S&P fell 19.86 points, or 0.5%, to 4,117.37.
  • The Dow fell 366.71 points, or 1.1%, to 32,417.59.
  • The Nasdaq rose 47.41 points, or 0.4%, to 12,643.01.

The declines came amid the latest batch of earnings from big technology and energy companies and some mixed readings on the economy. The market got some relief after Amazon rose 6.2% following its profit report. Both its profit and revenue for the summer were better than expected. As one of the biggest companies on Wall Street, Amazon's stock movements carry huge weight on the S&P 500 and other indexes. It's one of the "Magnificent Seven" Big Tech stocks that was responsible for much of the stock market's climb early this year. But those huge gains also meant big expectations built for them, and Alphabet, Meta and Tesla all fell sharply following their latest reports. (More stock market stories.)

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