17:51 GMT03 August 2020
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    Wall Street posted its first weekly loss in five weeks, as investors are concerned about growing tensions between the United States and China.

    Major stock indexes on Wall Street fell on Friday night, according to CNBC News.

    The Dow Jones Industrial Average dropped 182.44 points, or 0.6 percent, to close at 26,469.89. The S&P 500 also dipped 0.6 percent to close 3,215.63, and the tech-heavy Nasdaq Composite slid 0.9 percent to finish its trading day at 10,363.18.

    For the week, the Dow shed 0.7 percent, marking its first weekly decline since the week ending on 19 June. The S&P 500 dropped 0.2 percent this week.

    Nasdaq was the only of Wall Street's top three indexes that registered back-to-back weekly losses, sliding 1.3 percent this week and 1.1 percent last week. Despite the declines, the Nasdaq had rallied to record highs this month.

    Tech giants, despite making large profits amid the coronavirus pandemic in 2020, suffered losses this week. Shares of Facebook and Apple dropped more than 4 percent and 3.8 percent, respectively. Microsoft shares also dipped 0.5 percent this week.

    US-China tensions weighed on Friday's market as Beijing ordered Washington to close its consulate in the city of Chengdu in retaliation for Washington's demand yesterday that Beijing close its consulate in Houston, Texas.

    Tags:
    Dow Jones Index, Wall Street, investors, China, United States
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