Wall Street pressured by global growth concerns

Credit: Reuters Studio
Published on October 18, 2019 - Duration: 01:45s
Yahaira Jacquez wraps up Friday's market action on Wall Street.

Wall Street pressured by global growth concerns

Stocks on Wall Street dropped Friday as investors grappled with weak GDP numbers out of China that showed growth falling to its lowest level in nearly three decades.

The Dow sank more than 200 points - dragged down by Johnson & Johnson and Boeing.

Both facing scandals.

J&J over a baby powder recall after US health regulators found traces of asbestos and Boeing over its ongoing 737 Max scandal.

Reuters reported Friday that text messages between 2 employees exist that suggest one of them may have misled the FAA on the jet's safety system.

Meanwhile the S&P closed down nearly three-tenths of a percent - weighed down by losses in the tech sector.

Jay Jacobs is Head of Research at Global X Funds: "We're seeing tech stocks leading the sell off.

We've seen them be the weather mane for whether there's going to be a trade deal or not.

So I think this could be more fear that maybe there's not going to be a trade deal.

But again this is daily noise nothing has structurally changed." Limiting the day's losses were a string of solid earnings.

Shares of Coca-Cola closed up nearly 2 percent after the beverage maker beat Wall Street expectations as investments in healthier options appear to be paying off, with its Coke Zero Sugar line and smaller can sizes fueling revenue.

Investors are now gearing up for earnings from technology companies next week, including those from Amazon and Microsoft .

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