Stock-market benchmarks wipe out weekly gains as Friday selloff but Tesla is a port in the storm

Benchmark stock indexes have given up all their weekly gains Friday

U.S. stocks on Friday were seeing heavy selling pressure, led by declines in large-capitalization technology-related companies. The selling action managed to erase weekly gains for the Dow Jones Industrial Average DJIA, -1.02%, the S&P 500 index SPX, -1.31% and the Nasdaq Composite COMP, -1.45%. On the day, the Dow was off 1.2% at 27,570, the S&P 500 index was trading 1.5% lower at 3,307, well below its 50-day moving average at around 3,343.34, according to FactSet data.

which was up 3% despite the broad-market downturn.

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