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The stock market ended the week with sharp losses, with the Dow Jones industrial average and S&P 500 bearing the brunt of the selling. Lower volume softened the blow, but more damage was done in a variety of sectors.
The Dow lost 1%, the S&P 500 fell 0.8%, and the Nasdaq eased 0.4% Friday.
The Dow suffered its third straight weekly price decline, falling 1.2%. The S&P 500 also fell for the third straight week, dropping 0.5%. The Nasdaq lost ground for the fourth straight week, down 0.4%. The S&P 500 ended the week 4% off its 52-week high. The Nasdaq is 10% off its high.
West Texas Intermediate crude oil lost just over 1% to $46.21 a barrel. For the week, it rose more than 3%.
Nvidia (NVDA) was the star of the day on the Nasdaq. Shares popped 15% after the company reported strong earnings late Thursday.
Middleby (MIDD) followed through after Thursday’s earnings-inspired gain. Shares rose another 2.5% after rising 5% Thursday. It’s now 4% above a 113.23 buy point.
Small cap BioTelemetry (BEAT) is showing positive action as it works on a cup-with-handle base with a 16.10 buy point.
In economic news, retail sales jumped 1.3% in April, nicely above expectations for a 0.9% increase.
Lost in the shuffle Friday was a strong reading on consumer confidence from the University of Michigan. The preliminary reading for May registered 95.8, well above expectations and nicely above April’s final reading of 89.