Major Technology Stocks Hit by Downturn

Wall Street stocks closed lower on Friday, primarily impacted by major technology companies, as investors reacted to the Federal Reserve's decision to end pandemic-era stimulus more quickly, according to Reuters. All three major stock indices ended the week down after the Fed indicated on Wednesday a quarter-point interest rate hike by the end of 2022 to combat rising inflation. Shares of Apple, Microsoft, and Alphabet declined throughout most of the session, affecting the Nasdaq and S&P 500 indices. According to unofficial data, the S&P 500 benchmark fell by 48.75 points or 1.04% to close at 4619.92 points, while the Nasdaq composite dropped by 14.80 points or 0.07% to 15165.63. The Dow Jones Industrial Average closed down by 532.14 points or 1.48% at 35365.50 points.