U.S. Stocks Weather Witching to Post Weekly Gain: Markets Wrap
- Investors brace for GICS revision; Asia, Europe shares rally
- Dollar, commodities climb; pound drops on Brexit ‘impasse’
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U.S. stocks dropped from early session highs to cap a record-breaking week with something of a whimper. Declines in tech giants including Apple Inc., Amazon.com Inc. and Facebook Inc. dragged on benchmarks as quarterly rebalancing spurred trading.
The S&P 500 Index broke its three-day win streak but still notched a second positive week in a row after reaching a new high Thursday. Quadruple witching -- when futures and options on indexes and individual stocks expire -- and the largest revision to the Global Industry Classification Standard since 1999 may be behind the slide and the higher-than-average volumes. More than 10 billion shares changed hands on U.S. exchanges Friday, 64 percent higher than the three-month average.