US stocks close lower as phone companies struggle
US stocks have closed slightly lower on Wall Street, narrowly missing a fourth record high close this week for the Nasdaq composite index.
Phone companies fell the most on Friday, with Verizon sinking by 1.6%.
Magazine publisher Time plunged 17% after saying it decided not to pursue a sale of the company.
Several technology companies bucked the downward trend and moved higher after reporting solid results.
Google's parent company Alphabet added 3.7% and Amazon rose 0.7%.
Energy companies prospered as the price of crude oil headed higher.
The Standard & Poor's 500 index fell four points, or 0.2%, to 2,384.
The Dow Jones industrial average slipped 40 points, or 0.2%, to 20,940.
The Nasdaq composite fell one point, less than 0.1%, to 6,047.