U.S. stocks dropped for a second straight day following another dive in oil and rising worries ahead of UK's referendum on whether to stay in the European Union. Bobbi Rebell reports.
Friday not a fun day for stocks. A sharp drop in oil prices, along with global growth worries, triggering some nerves, and sending stocks down for the second straight day. For the week, not all was lost, with the Dow holding onto gains. Wells Fargo's John Manley: (SOUNDBITE) JOHN MANLEY, CHIEF EQUITY STRATEGIST AT WELLS FARGO FUNDS MANAGEMENT, (ENGLISH) SAYING: "We just can't seem to get through the old highs and that is worrisome but some of it becomes self fulfilling after a while. We get nervous that we will get nervous when we reach this level and haven't gone through it." Apple's next iPhone will use chips from Intel. They replace those made by Qualcomm in some versions of the new smartphone, according to Bloomberg. Tesla stock losing ground. The electric car maker saying there is no safety defect in its Model S or Model X, and that the U.S. National Highway Traffic Safety Administration had not opened any investigation or any preliminary evaluation on the matter. Thursday, the NHTSA said, it was reviewing reports of suspension problems in the model S. In Europe, shares closed near four-week lows ahead of the upcoming referendum in Britain on whether it will stay in the European Union.