U.S. stocks tumbled on Friday and the major averages all closed notably lower with the tech-laden Nasdaq suffering a more pronounced loss as yields on 10-Year Treasury Note rose to near 8-month high.

The Dow closed down 333.59 points or 0.77 percent at 42,992.21, well off the day’s low of 42,761.56. The S&P 500 (SPI:SP500) which dropped to 5,932.95, settled at 5,970.84 with a loss of 66.75 points or 1.11%, while the Nasdaq ended lower by 298.33 points or 1.49% at 19,722.03, recovering from a low of 19,533.40.

However, the Dow posted a weekly gain of about 1.4 percent, while the S&P 500 and the Nasdaq both moved up by more than 1.5 percent in the week.

Tesla (NASDAQ:TSLA) closed nearly 5 percent down, while Apple Inc., Nvidia, Alphabet, Microsoft Corporation, Amazon, Oracle Corporation, Netflix, Accenture, Morgan Stanley and Micron Technology lost 1 to 3 percent.

On the economic front, data showed that U.S. retail inventories, excluding autos, increased by 0.6 percent month-over-month in November, following an upwardly revised 0.3 percent rise in the prior month, according to preliminary estimates.

Meanwhile, wholesale inventories fell by 0.2 percent month-over-month to $902 billion in November after a revised 0.1 percent increase in the prior month, according to advance estimates. On a yearly basis, wholesale inventories increased by 0.9% in November.

In overseas trading, Asian stocks turned in a mixed performance, while European markets closed on a firm note.

SOURCE: RTTNEWS

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