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Dow Drops Over 100 Points for Worst Weekly Decline in 7 Weeks

Stocks fell sharply on Friday, with the Dow posting its worst weekly decline in seven weeks, weighed down by Amazon's weak earnings and Visa's disappointing outlook as well as worries over geopolitical unrest.The Dow Jones Industrial Average closed unofficially 123 points lower, below 17,000. The S&P 500 slipped 9 points and the Nasdaq lost 22 points. In the final hour of trading, markets briefly ticked lower after Goldman Sachs said it was "neutral" on equities over three months as it sees a slide in bonds leading to a temporary selloff in stocks. Orders for long-lasting U.S. manufactured goods rose more than expected in June, pointing to momentum in the economy at the end of the second quarter, but markets were more concerned with earnings. Amazon.com's shares fell 9 percent after it posted a larger second-quarter loss than Wall Street expected. On the Dow, Visa fell more than 4 percent on its lowered full-year revenue forecast.

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- CNBC and Reuters