Stocks closed broadly lower on Wall Street Friday, erasing the market's gains for the week, as investors became increasingly worried that the global economy is slowing down.
Traders shifted money into bonds, driving yields sharply lower, which hurt bank stocks and flashed a possible recession warning. Small-company stocks fell more than the rest of the market as traders offloaded risker assets.
The S&P 500 index dropped 54.17 points, or 1.9 percent, to 2,800.71.
The Dow Jones Industrial Average gave up 460.19 points, or 1.8 percent, to 25,502.32.
The Nasdaq composite slid 196.29 points, or 2.5 percent, to 7,642.67.
The Russell 2000 lost 56.49 points, or 3.6 percent, to 1,505.92.
For the week:
The S&P 500 lost 21.77 points, or 0.8 percent.
The Dow dropped 346.55 points, or 1.3 percent.
The Nasdaq gave up 45.86 points, or 0.6 percent.
The Russell 2000 fell 47.62 points, or 3.1 percent.
For the year:
The S&P 500 is up 293.86 points, or 11.7 percent.
The Dow is up 2,174.86 points, or 9.3 percent.
The Nasdaq is up 1,007.39 points, or 15.2 percent.
The Russell 2000 is up 157.36 points, or 11.7 percent.