Wall Street sinks as energy shares, Facebook drag

Wall Street pulled back on Friday as lower oil prices weighed on energy shares and tech giants Facebook and Apple declined, although major indexes were still on pace to end the week higher.

Energy .SPNY was the worst-performing major S&P sector, dropping 1.4 percent. Oil prices tumbled about 4 percent on signs Saudi Arabia and Iran were making little progress in achieving agreement ahead of talks by crude exporters aimed at freezing production.

Facebook (FB.O) shares fell 1.7 percent and were one of the biggest drags on the S&P. The Wall Street Journal reported that the social media company overestimated viewing time for video ads.

Even so, the S&P 500 was set for its best weekly performance in more than two months. Stocks were given a boost on Wednesday when the U.S. Federal Reserve decided to keep interest rates steady, leaving intact the low rate environment that has helped fuel the bull market.

“I just think after a few strong days and a little weakness in energy that folks are taking some profit before the weekend…,” said Gary Bradshaw, portfolio manager with Hodges Capital Management in Dallas. “I just feel like the market is going to keep grinding higher.”


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source: http://www.reuters.com/article/us-usa-stocks-idUSKCN11T16V?il=0