Stocks fall sharply as market erases gains from early in the week; tech, banks lead declines

NEW YORK, N.Y. – Stocks closed sharply lower, led by drops in banks and technology companies, as the market erased its gains from earlier in the week.

Apple and Microsoft each fell 3 per cent Friday. Drilling and transportation companies also logged steep losses, and used car dealership chain CarMax fell 6 per cent after releasing disappointing results.

The Dow Jones industrial average sank 367 points, or 2.1 per cent, to 17,128.

The Standard & Poor’s 500 index fell 36 points, or 1.8 per cent, to 2,005. The Nasdaq composite lost 79 points, or 1.6 per cent, to 4,923.

Trading volume was much heavier than usual as many futures and options contracts expired.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.20 per cent.