Stocks Ended Lower, Posted Steep Weekly Losses

U.S. stocks closed sharply lower on Friday amid a massive drop in technology stocks and as mixed U.S. employment data raised concerns the Federal Reserve may raise rates this year. The Dow Jones Industrial Average dropped 211.61 points, or 1.29%, to 16,204.97 and was down 1.6% over the week. The S&P 500 fell 35.40 points, or 1.85%, to 1,880.05 and ended the week 3.1% lower. The Nasdaq Composite was down 146.42 points, or 3.25%, to 4,363.14 and recording a 5.4% weekly loss.

GoPro Inc. (GPRO) rose 5% in late trading Friday after Microsoft Corp. (MSFT) announced a patent licensing deal with the wearable camera for certain file storage and other system technologies. Terms were kept confidential.

Morgan Stanley is throwing in the towel on its upbeat forecast for oil prices this year, slashing its year-end target by 50% as it concedes the global glut in oil isn’t disappearing anytime soon.

LinkedIn Corp’s (LNKD.N) shares plunged as much as 43 percent on Friday, wiping out nearly $11 billion of market value, after the social network for professionals shocked Wall Street with a revenue forecast that fell far short of expectations.