April 25, 2014
U.S. stocks dropped on Friday, pulled lower by a selloff in consumer discretionary stocks as bellwether names Amazon.com and Ford Motor fell in the wake of their quarterly earnings.
Amazon (AMZN.O) was the S&P 500’s worst performer, down 9.9 percent to $303.83, and other high-flying sectors dropped along with it. Social media names slid, with Twitter (TWTR.N) losing 7.1 percent to $41.61, and the Nasdaq Biotechnology Index .NBI falling 2.4 percent as investors once again shied away from riskier sectors. The Global X Social Media index ETF (SOCL.O) tumbled 5.3 percent, its second-worst performance since its debut in November 2011.
Still, even with Friday’s decline, the S&P 500 finished nearly flat for the week. The benchmark index remained within 2 percent of its all-time intraday high.