Nasdaq, S&P 500 fall, dragged by communications services

Oct 22 (Reuters) – The S&P 500 and Nasdaq closed lower on Friday as disappointing quarterly reports from Snap Inc (SNAP.N) and Intel Corp (INTC.O) dragged down the communications and technology sectors and investors turned skittish as Federal Reserve Chair Jerome Powell discussed stimulus tapering.

After hitting record highs in morning trading the Dow and the S&P 500 lost ground in a choppy session.