U.S. stocks declined on Friday, with the S&P 500 recording its worst weekly loss since June 2012, as momentum from the prior day’s rout remained in play.
Procter & Gamble gained after the consumer-goods company posted profit that exceeded estimates; Tesla Motors climbed after the electric-car maker projected increased output in 2015; shares of LinkedIn rallied after the professional network projected revenue that topped expectations and GoPro slid after the maker of wearable cameras reported a larger quarterly decline from the year-ago period.
“I find it very hard to get scared by a sell off caused by an economy that is improving and rates coming up from very low levels. It’s not a recipe for stock-market disasters,” said David Kelly, chief market strategist at J.P. Morgan Funds, referring to the notion that the equities market was headed for a large drop on fears of the Federal Open Market Committee hiking interest rates sooner than anticipated.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.