S&P 500 Drops 33 Points as Mega-Tech Stocks Slide, Cruise Stocks Sink, and Investors Sell "Safe" Stocks Too
Make it three bad days to get to three bad weeks in a row. The S&P 500 index (SNPINDEX: ^GSPC) closed down 38 points, a 1.1% loss on Friday, after three straight days of declines to finish the week down 0.65%. That makes this the third consecutive week -- every week since the index reached an all-time high in early September -- the S&P 500 has fallen.
That puts the S&P down 7.3% from the all-time high set early in September, with the tech sector led by big declines from giants Apple (NASDAQ: AAPL) and Facebook (NASDAQ: FB), down almost 12% from the peak.
Today's sell-off was another relatively broad decline, with all 11 sectors finishing the day lower, and more than 400 of the 504 stocks in the S&P 500 falling. Cruise stocks and real estate were two of the biggest losing groups of stocks today, along with utilities. Norwegian Cruise Line Holdings (NYSE: NCLH) and Carnival (NYSE: CCL) both fell over 5.7%, while healthcare REIT Healthpeak Properties (NYSE: PEAK) was the biggest real estate loser, down over 5.3%. Five of the 11 worst-performing S&P stocks today were REITs or hotel operators.