US stocks sink, erasing gains from early in the week

NEW YORK (AP) — Stocks closed sharply lower, led by drops in banks and technology companies, as the market erased its gains from earlier in the week.

Apple and Microsoft each fell 3 percent Friday. Drilling and transportation companies also logged steep losses, and used car dealership chain CarMax fell 6 percent after releasing disappointing results.

The Dow Jones industrial average sank 367 points, or 2.1 percent, to 17,128.

The Standard & Poor’s 500 index fell 36 points, or 1.8 percent, to 2,005. The Nasdaq composite lost 79 points, or 1.6 percent, to 4,923.

Trading volume was much heavier than usual as many futures and options contracts expired.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.20 percent.

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