The S&P 500 and Nasdaq Composite both fell on Friday to close out a volatile week of trading.Image Credit: Google
The S&P 500 ended the day down 0.6%, or 18.68 points, while the Nasdaq Composite closed 0.8%Image Credit: Google
Or 70.06 points lower. For the week, the S&P 500 lost 2.2% and the Nasdaq declined 2.7%.Image Credit: Google
The Friday sell-off was led by technology stocks, which have been under pressure all week amid concerns about valuations and stretched valuations.Image Credit: Google
The tech-heavy Nasdaq has now fallen for four straight days.Image Credit: Google
"I think people are just taking some money off the table here," said Randy Frederick, vice president of trading and derivatives for Charles Schwab.Image Credit: Google
"There's been a lot of froth in the market and I think we're starting to see some of that come out."Image Credit: Google
The market weakness comes after a strong start to the year.Image Credit: Google
The S&P 500 is up nearly 7% in 2017, while the Nasdaq has gained 9%.
Despite the recent pullback, Frederick said he still sees positive momentum in the market.
"I don't think this is the beginning of a big sell-off," he said. "I think we're just going to see more volatility in the near term."