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Stock-market losses gather steam in late-afternoon trade as bank, tech stocks tumble

U.S. stock benchmarks noticed losses collect in late-afternoon industry on Friday, with the Dow off triple-digits and the Nasdaq breaching a key technical degree intraday. Persistent fears concerning the have an effect on of industry wars on the domestic economy has been the primary wrongdoer for the market tumble, say market participants. The Dow DJIA, -1.77% just lately was once off 228 points, or zero.nine%, at 23,738, the S&P 500 index SPX, -2.10% gave up 1.Three% to two,610, while the Nasdaq Composite Index COMP, -2.43% fell 1.4% at 7,070, breaking firmly beneath its 100-day moving moderate at round 7,082.60, in keeping with FactSet knowledge. Market technicians watch moving averages to help gauge bullish and bearish traits in an asset. Bank stocks XLF, -Three.04% and generation shares XLK, -2.67% noticed the steepest declines.