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Stock falls as technical companies fall; The oil pump continues

NEWS – US stocks fell on Friday as a combination of weak economic data from China and disappointing profit-damaged technology…

NEWS – US stocks fell on Friday as a combination of weak economic data from China and disappointing profit-damaged technology and internet businesses. Crude oil prices fell for the 10th day in a row.

Car sales in China fell in October for the fourth month in a row, 13 percent lower than a year ago, the latest sign is that its economy is under pressure. Worries about China’s economy and its trade reasons with the United States contributed to the global stock market in October. The shares that went the worst during that time included technology and internet companies and retailers, who all took sharp losses on Friday.

“China has played such an important role in driving global growth,” says Kristina Hooper, world-leading marketing strategy for Invesco. “(Investors) are concerned that these tariff war will essentially kick China when it’s down.”

U.S. Crude oil slowed 0.8 percent to extend its losing distance. It has fallen for five consecutive weeks and stumbled 21

percent since 3 October. Energy companies have suffered steady losses during that time.

Weak forecasts from companies, including video game company Activision Blizzard and chipmaker Skyworks Solutions, also contributed to Friday’s decline.

The S & P 500 index fell 25.82 points, or 0.9 percent, to 2.781.01. The Dow Jones Industrial Average fell 201.92 points, or 0.8 percent, to 25.989.30.

The Nasdaq composite dropped 123.98 points, or 1.6 percent, to 7.406.90. The Russell 2000 Index for Small Enterprises gave 28.72 points, or 1.8 percent, to 1 549.49.

The labor service said that wholesale prices in the United States jumped and Hooper said it could also be related to disputes. Wholesale trade rose most for six years in October when gas, food and chemical prices rose. The labor market’s wholesale price index has risen 2.9 percent in the last year.

Video game maker Activision Blizzard doubled after the forecast for the critical holiday period was shortened by analysts’ forecasts. The stock fell 12.4 percent to $ 55.01 and Electronic Arts lost 5.3 percent to $ 88.89.

Major technology and internet companies also became lower. Apple dropped 1.9 percent to $ 204.47 and Facebook dropped 2 percent to $ 144.96. Amazon lost 2.4 percent to $ 1,712.43.

Benchmark U.S. Raw fell to $ 60.19 per barrel in New York, the lowest for almost eight months. Brent crude oil, used to price international oils, has been almost as bad as US crude oil, and dropped 0.7 percent to $ 70.20 a barrel in London.

West Coast’s utility companies trembled as fires deteriorated in southern California, with tens of thousands of people forced to fly in Los Angeles and Ventura County. PG & E dropped 16.5 percent to 39.92 dollars and Edison International shot 12.1 percent to 61 dollars.

General Electric dropped another 5.7 percent to $ 8.58 after an analyst at JPMorgan Chase lowered its share price target at $ 6 per share from $ 10. Stephen Tusa said that six of GE’s eight divisions could be unprofitable by 2020.

Bond prices rose. The return on the 10-year government bond decreased to 3.18 percent from 3.23 percent.

Despite the loss on Friday, the S & P 500 still increased 2.1 percent a week. It climbed 2.4 percent last week, but would have to rise another 5.4 percent to reach the high time it set on September 20th.

Walt Disney’s net profit was better than expected, as the entertainment giant raked revenues from movies including “Avengers: Infinity War,” “Incredibles 2” and “Ant-Man and the Wasp.” The stock rose 1.7 percent to 118 USD.

A federal judge blocked a state of Trump administration for the construction of TransCanada’s Keystone XL pipeline, pending an environmental review. The long-term $ 8 billion project management would begin in Alberta and drive through half a dozen states to terminals on the Gulf Coast. US District Director Brian Morris claimed that the potential impact had not been taken into account under federal law after environmentalists and indian groups were pulled to stop the project, referring to property rights and possible oil games.

In Toronto, shares in TransCanada lost 1.7 percent.

Online Review Business Yelp has become nosedived after it has written weak quarterly earnings and its fourth quarter forecast also fell away from Wall Street’s estimates. The company said that part of the problem is an advertising model that aims to encourage advertisers to try the site without signing a long-term contract. Yelp said it made its results more sensitive to short-term issues. The stock fell 26.6 percent to 31.93 dollars.

In other commodity trading, natural gas prices jumped 5 percent to $ 3.72 per 1 000 cubic feet. It helped the gas companies to reduce their losses. The heating oil was slightly changed to $ 2.17 per liter and wholesale gasoline fell 1.4 percent to $ 1.62 per gallon.

Gold fell 0.3 percent to $ 1,208.60 per ounce. Silver lost 2 percent to $ 14.14 per ounce. Copper beat 1.9 percent to $ 2.68 per pound.

The dollar went to 113.76 yen from 113.99 yen. The euro fell to $ 1,1333 from $ 1,1356.

The French CAC 40 and FTSE 100 in the UK fell both 0.5 percent. Germany’s DAX was slightly changed.

Tokyos Nikkei 225 decreased 1 percent and Hong Kong’s Hang Seng fell 2.4 percent. Seoul Kospi gave up 0.3 percent.

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AP Markets Writer Marley Jay can be accessed at http://twitter.com/MarleyJayAP

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