Tech stocks lead a slide on Wall Street

THE CANADIAN PRESS  Darren Calabrese

THE CANADIAN PRESS Darren Calabrese

The Nasdaq Composite jumped 1.2 percent to an all-time high of 7,932.24 as Google-parent Alphabet, Facebook and Amazon all jumped.

The Canadian dollar averaged 76.56 cents U.S., up 0.02 of a United States cent from Thursday's average value of 76.54 cents USA, while the September crude contract fell 92 cents to US$68.69 per barrel and the September natural gas contract rose two cents to US$2.78 per mmBTU.

Coca-Cola Co shares rose 1.8 percent after the beverage company's quarterly sales and profit beat estimates.

U.S. stocks reversed direction to move into the red in early afternoon trade Friday as tech stock losses overshadowed the release of bullish economic data.

Stocks closed broadly higher Wednesday as a batch of solid company earnings and news that the US and European Union agreed to work on mending their trade dispute put investors in a buying mood. Meanwhile, the Dow Jones Industrial Average was off about 0.3%, while the S&P 500 index slipped by 0.7%.

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The S&P 500, the market's benchmark index, is still on track for its fourth weekly gain in a row. The Russell 2000 index of smaller-company stocks picked up 6 points, or 0.4 percent, to 1,691.

The chip maker Intel was the Dow's worst performer after dropping 8% on the second-quarter earnings news that its rapidly-growing data center business fell short of estimates.

USA planemaker Boeing posted earnings per share of $3.33 and revenue of $24.3 billion, both topping Wall Street's estimates. Brent crude, used to price worldwide oils, added 14 cents to $74.07. The yield on the 10-year Treasury fell to 2.96 percent from 2.97 percent late Thursday. The euro strengthened to $1.1657 from $1.1645.

Germany's DAX jumped 1.6 percent while France's CAC 40 added 0.4 percent.

The Russell 2000 lost 33.47 points, or 2 percent.

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