S&P 500 enters correction territory to close volatile trading week
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The benchmark S&P 500 index closed in correction territory on Friday, ending a week made volatile by weaker-than-expected earnings reports and strong economic data.

More than 10% has been lost since the S&P 500 peaked in July, with a fall of 0.5%. Dow Jones fell 367 points, or 1.1%, after plunging more than 400 points at the session’s lows. There was a 0.4% gain on the Nasdaq Composite.

The e-commerce giant’s stock rose 6.8% on Friday after it reported a beat on top- and bottom-line results. Following mixed earnings reports from Alphabet and Meta Platforms earlier this week, tech stocks slumped on Wednesday, resulting in the Nasdaq Composite’s worst day since February.

Even so, earnings misses elsewhere contributed to this week’s market decline.

Chevron shares fell 6.7% after the company reported disappointing third-quarter earnings. The share price of ExxonMobil fell 1.9% after the company reported 54% lower third-quarter earnings than last year.

After a filing revealed that JPMorgan Chase CEO Jamie Dimon and his family plan to sell $141 million worth of stock starting next year, JPMorgan Chase shares fell 3.6%.

In the past week, the Dow fell 2.1%. It was followed by a 2.5% decline for the S&P 500 and a 2.6% decline for the Nasdaq Composite.

According to key data this week, the US economy is continuing to grow despite interest rates at their highest level in 22 years, causing investors fear the central bank will keep rates higher for longer.