The S&P 500 has retreated in a hurry from its April 2 record close, finishing 4% below that level Friday and under a key chart level, its 50-day moving average.The benchmark slid 17.39 points, or 1%, to close at 1,815.69, and it lost 2.7% for the week. The Dow Jones Industrial Average shed 143.47 points, or 0.9%, to finish at 16,026.75. The index slumped 2.4% for the week, snapping its streak of three up weeks in a row.
The Nasdaq Composite slid 54.37 points, or 1.3%, to 3,999.73, closing under 4,000 for the first time since Feb. 3. The tech-heavy index fell 3.1% for the week, with its biggest daily loss coming on Thursday, when the bears went after biotech and other high-growth stocks with a vengeance. The Nasdaq endured its worst weekly percentage drop since June 2012, and it has fallen for three weeks in a row.
Shares in J.P. Morgan lost 3.7% on Friday after the banking giant reported first-quarter earnings below market expectations, making it the worst performer among Dow components. Meanwhile, Wells Fargo rose 0.8% after its quarterly profit beat forecasts.
It could be the beginning of the start of a correction which may not extend beyond 8 to 10 percent of wednesday's close. The severe winter has hit earnings but it wont be that bad as to warrant a big correction.