Stocks Ended Mixed, Nasdaq Tumbled

U.S. stocks ended mixed on Friday, with he Nasdaq closed sharply lower from record highs, as several big tech names sold off ahead of the Federal Reserve’s expected rate hike next week. The Dow Jones Industrial Average gained 89.44 points, or 0.42%, to 21,271.79, for a 0.3% gain on the week. The S&P 500 was down 2.02 points, or 0.08%, to 2,431.77, finishing 0.3% lower on the week. The Nasdaq Composite slumped 113.85 points, or 1.80%, to 6,207.92, end the week 1.6% lower.

Oil bounced back Friday after suffering back-to-back declines, but registered a third-straight weekly loss. July West Texas Intermediate crude rose 19 cents, or 0.4%, to settle at $45.83 a barrel. August Brent crude added 29 cents, or 0.6%, to $48.15 a barrel.

Tesla Inc. (TSLA) on Friday became the world’s No. 3 car maker by market capitalization, surpassing Germany’s (BMW) and getting further ahead of U.S. competitors General Motors Co. and Ford Motor Co.

Ford Motor Co. is offering buyout packages to about 15,000 salaried workers in North America and Asia in a cost-saving move that is aimed at boosting profits amid slowing sales in the U.S. and China.