Despite a late uptick that lifted it off the worst of the session, the S&P 500 fell to a 15-month low this week after the price of crude oil on Friday dropped below $30 a barrel, dragging shares of energy companies sharply lower while weak retail sales and manufacturing data also weighed on the U.S. markets. The benchmark index dropped 2.17% this week following Friday’s big declines, extending its retreat to 8.01% since the start of the year.
Shares of utility stocks were the lone winners this week, rising 0.44%, while financial and technology stocks also took big hits this week, falling 3.2% and 1.92%, respectively, despite large-cap earnings that largely beat Wall Street estimates. JPMorgan ( JPM ) fell 3.2% this week after the money-center bank reported a $1.32 per share profit that beat Q4 expectations by $0.07. Citibank ( C ) declined more than 8.6% despite Q4 earnings and revenue both topping Street views. Chipmaker Intel ( INTC ) weighed on tech stocks, falling more than 9% Friday enroute to a 5.5% weekly slide after its data-center unit sales failed to keep pace with expectations for double-digit growth, upstaging above-consensus top- and bottom-line results.
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