U.S. stock benchmarks saw losses gather in late-afternoon trade on Friday, with the Dow off triple-digits and the Nasdaq breaching a key technical level intraday. Persistent fears about the impact of trade wars on the domestic economy has been the main culprit for the market tumble, say market participants. The Dow recently was off 228 points, or 0.9%, at 23,738, the S&P 500 index gave up 1.3% to 2,610, while the Nasdaq Composite Index fell 1.4% at 7,070, breaking firmly beneath its 100-day moving average at around 7,082.60, according to FactSet data. Market technicians watch moving averages to help gauge bullish and bearish trends in an asset. Bank stocks and technology shares saw the steepest declines.
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