NEW YORK — Stocks logged their biggest drop in two weeks on Thursday as investors assessed some disappointing earnings news.
Harman International, which makes audio systems for cars, and Yelp, an online listings company, were among the companies that fell sharply after posting weak earnings.
The stock market has sagged this week after climbing to record levels on Friday.
While many investors remain optimistic that growth will resume later in the year that belief isn’t yet being backed up stronger economic data or good corporate earnings reports. A surge in the dollar in the first three months of the year is hurting company earnings for those that sell overseas, and a plunge in oil prices that lasted into January is hurting the energy sector.
The Standard &Poor’s 500 index dropped 21.34 points, or 1 percent, 2,085.51. That was the biggest drop since April 17. The Dow Jones industrial average slipped 195.01 points, or 1.1 percent, to 17,840.52. The Nasdaq composite declined 82.22 points, or 1.6 percent, to 4,941.42.