U.S. equities post 3rd straight weekly loss amid tech struggle, Fed decision

Wall Street's major averages declined for a third straight week as investors continued to dump some tech-related shares while digesting the U.S. Federal Reserve's latest decision on monetary policy. PHOTO: AFP/File

NEW YORK — Wall Street’s major averages declined for a third straight week as investors continued to dump some tech-related shares while digesting the U.S. Federal Reserve’s latest decision on monetary policy.

For the week ending Friday, the Dow was down 0.03 percent, the S&P 500 slid 0.64 percent, and the Nasdaq fell 0.56 percent.

The S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, logged a weekly gain of 0.8 percent.

It was another wild week on Wall Street as tech sell-off continued.

The S&P 500 tech sector decreased more than 1 percent week to date, following a 4.4-percent slump in the prior week.

“Volatility has arrived and with it comes many fears and unknowns,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Saturday.

“With the election fast approaching and uncertainty about the growth trajectory of the U.S. economy, I expect volatility to continue apace in the coming months,” Zacks said, adding investors are recommended to stick to the hard data and key fundamentals in order to navigate the turbulent time.

The Fed’s September meeting was a major focus for investors during the week.

The U.S. central bank on Wednesday held its benchmark interest rate steady at the record-low level of near zero and promised to maintain this target range until labor market conditions have improved to reach maximum employment and inflation has picked up to its desirable level.–Xinhua

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