The S&P 500 drops for a fifth day, its worst streak since February.

U.S. stocks fell for a fifth straight day on Friday, with the S&P 500 ending the week down 1.7% in its longest losing streak since F...


U.S. stocks fell for a fifth straight day on Friday, with the S&P 500 ending the week down 1.7% in its longest losing streak since February.

For the day, the S&P, the US benchmark, lost 0.8%.

Apple, which as the largest company in the S&P 500 by market cap has a disproportionate impact on the index, fell 3.3% after a federal judge ordered the company to stop restricting app developers in its App Store to direct customers to other means of paying for their services. Google, which is stuck in its own lawsuit over payments for apps, fell 1.9%. The tech-rich Nasdaq composite ended the day down 0.9%.

But the losses were not limited to the tech sector. Businesses that rely on ending pandemic precautions took a hit, a day after President Biden announced that he was resorting to what will effectively be a mandate to vaccinate tens of millions of American workers.

American Airlines was one of the worst performing stocks on the day, down 6.2%, and United Airlines and Delta Air Lines were almost equally weak. Casino company Penn National Gaming fell 4.9% and Las Vegas Sands fell 4.2%.

Health giant Cigna fell 4.3%. Kroger, the grocery chain, fell 7.5% after reporting that sales in the three months ending Aug. 14 were down from the same period last year.

US producer prices rose 0.7% in August from July, the Labor Department reported on Friday, a sign of continued inflation. The producer price index rose 8.3% from a year earlier, the biggest jump since 12-month data was first calculated in 2010, according to the Labor Department.

In an appeal following its financial report, executives at Kroger said product costs were rising and they believed “inflation for the whole year will be higher than originally expected.”

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Newsrust - US Top News: The S&P 500 drops for a fifth day, its worst streak since February.
The S&P 500 drops for a fifth day, its worst streak since February.
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