3/22, 4:57 PM (Source: TeleTrader)
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Dow drops over 400 pts weighed down by Nike

Stocks on Wall Street extended losses on Friday as investors digested data released earlier in the day. Private sector growth was at a 6-month low in March, according to IHS Markit, while existing home sales surged 11.8% in February, the National Association of Realtors (NAR) said. Census Bureau data showed an increase of 1.2% in wholesale inventories for January.

The Dow Jones Industrial Average index well over 420 points at its lowest point, after which it was dropping 389 points, or 1.5% at 12:03 pm ET. After reporting its financial results, Nike was the worst performer as it plunged 5.37% to the level unseen since February 11. The Nasdaq 100 was down 1.62% at the same time, with Cintas Corp. diving 6.58%.

The S&P 500 lost 1.53%, led by SVB Financial Group's dive of 8.41%.

The euro decreased by 0.78% against the dollar at 12:05 pm ET, going for $1.12857, the lowest point in 10 days.

Breaking the News / NI