*By Kristen Lee*
Stocks closed sharply lower on Friday, closing out a roller-coaster week on Wall Street.
The Dow Jones Industrial Average closed nearly 300 points lower, while the S&P lost 1.7 percent and the Nasdaq ended down 2.1 percent.
Early Friday, the Dow plunged by as much as 539 points, before paring its losses after authorities announced the arrest of a man in connection with the mail bombing of prominent Democrats. Cesar Sayoc, Jr., a 56-year-old Florida resident lives in Aventura and has a criminal record, according to the Broward County Sheriff.
Art Hogan, chief market strategist at B. Riley FBR, said a "mixed bag" of earnings ー and specifically, weak guidance from bellwether tech companies Amazon and Alphabet ー are weighing on the markets.
Amazon's ($AMZN) closed about 8 percent lower on Friday after it posted better-than-expected earnings, but fell short on revenue and guidance.
Google parent Alphabet ($GOOGL) ended the day nearly 2 percent lower after reporting a jump in profits but also indicated slowing growth.
"In this earnings season, with a market that's very nervous about a whole host of things, you have to hit all three: you have to get your earnings right, your revenue right, and you have to give upbeat guidance ー and when you don't, especially in the case of either Amazon or Alphabet, you're in trouble," Hogan said Friday in an interview on Cheddar.
He said the mail bomb threat transfixing the nation is also having an impact. Every significant case of terrorism, and especially domestic terrorism, has cast a pall over the markets and prompted many to stop making investment decisions, Hogan added.
"It puts everybody in a very nervous place," he said. "And \[until\] we get answers, it's very difficult to have a robust feeling about what's going on in the economy and the markets."
Walmart is expanding its HIV treatments, planning to add over 80 specialty facilities across nearly a dozen states by the end of the year.
The Internal Revenue Service said there are about $1.5 billion in unclaimed tax refunds dating back to 2019.
General Motors will allow its electric vehicles to use Tesla charging stations across the country.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Modelo Especial is now the top-selling beer in the United States, dethroning Bud Light after 22 years. In May, sales of Modelo Especial hit $333 million. That's up 15.6 percent from the same period last year.
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Kelly Ann Winget, founder of private equity firm Alternative Wealth Partners and author of 'Pitch the Bitch,' a financial guide for those often left out of the male-dominated investment world, spoke to Cheddar News about her experience as an LGBTQ+ manager in the industry.
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