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Sept. 18, 2020, 2:54 p.m. EDT

Stock-market benchmarks wipe out weekly gains amid Friday selloff but Tesla is a port in the storm

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By Mark DeCambre

U.S. stocks on Friday were seeing heavy selling pressure, led by declines in large-capitalization technology-related companies. The selling action managed to erase weekly gains for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.10% , the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.34% and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.37% . On the day, the Dow was off 1.2% at 27,570, the S&P 500 index was trading 1.5% lower at 3,307, well below its 50-day moving average at around 3,343.34, according to FactSet data. The Nasdaq was nearly 1.8% lower on the session at 10,711. For the week, the Dow was down 0.4% for the week, the S&P 500 was seeing a 1.1% weekly decline, while the Nasdaq was on track for a 1.4% weekly loss. A weekly decline would represent the longest such streak since three weekly declines ended Oct. 4 of 2019 for the Dow and the S&P 500. For the Nasdaq, would mark the longest weekly losing streak since the four-week stretch ended Aug. 23, 2019. However, some stocks were maintaining altitude in the market, including popular Tesla Inc. /zigman2/quotes/203558040/composite TSLA -1.21% , which was up 3% despite the broad-market downturn.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
28,335.57
-28.09 -0.10%
Volume: 350.10M
Oct. 23, 2020 5:15p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,465.39
+11.90 +0.34%
Volume: 2.16B
Oct. 23, 2020 5:15p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,548.28
+42.28 +0.37%
Volume: 2.88M
Oct. 23, 2020 5:16p
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/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 420.63
-5.16 -1.21%
Volume: 33.72M
Oct. 23, 2020 4:00p
P/E Ratio
1,095
Dividend Yield
N/A
Market Cap
$392.67 billion
Rev. per Employee
$439,627
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