Stocks extend losses in late trading; Amazon drops

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Associated Press

Posted on April 25, 2014 at 3:00 PM

Updated Saturday, Apr 26 at 3:01 AM

NEW YORK (AP) — Stocks are closing lower, wiping out the week's gains, following disappointing earnings reports from Ford and other big companies.

Amazon slumped 10 percent after the online retailer forecast an operating loss for the second quarter as it continues to invest in its business. Other big tech names like Facebook and Netflix also fell.

Escalating tensions in Ukraine weighed on the market.

The Standard & Poor's 500 index lost 15 points, or 0.8 percent, to 1,863 Friday.

The Dow Jones industrial average fell 140 points, or 0.9 percent, to 16,361. The Nasdaq composite fell 72 points, or 1.8 percent, to 4,075.

Ford fell 3 percent after reporting earnings that fell short of Wall Street's expectations.

Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.67 percent.

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