Source: CNBC
U.S. stocks closed about 1 percent lower Friday, ending the year's first trading week with sharp losses as concerns about China and global economic slowdown persisted.
The Dow Jones industrial average and S&P 500 had their worst first five-day performance of a year in history, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. The S&P 500 lost $1.05 trillion this week, he said.
The major indexes closed out the week with losses of nearly 6 percent or more, their worst since 2011. The Russell 2000 also had its worst week in more than four years.
Read More5 things we've learned so far from a weird 2016
The major averages struggled for gains throughout the session before turning lower as the close approached.
"I don't think anyone wants to take on any risk for the weekend. … You just had the worst week in the start of the (year in) market history. Why would you want to go out long?" said Jeremy Klein, chief market strategist at FBN Securities.
The Dow Jones industrial average closed near session lows, down about 167 points, more than giving up opening gains of 137 points. Apple closed half a percent higher but lost nearly 7.9 percent for the week.
he S&P 500 closed down more than 1 percent, holding within 10 percent of its 52-week intraday high after earlier falling more than 10 percent from that level to briefly trade in correction territory.
The Dow and Nasdaq composite remained more than 10 percent below their 52-week intraday highs after closing there Thursday on speculation of further weakening in the Chinese yuan.
"I just think there's an underlying nervousness that we're going to see further turbulence out of China," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas. Performance in U.S. stocks depends "on willingness to believe the expansion is intact and the U.S. is going to remain relatively unaffected."
Financials led all S&P 500 sectors lower in the close and was the second-worst sector on the week.
U.S. stocks closed about 1 percent lower Friday, ending the year's first trading week with sharp losses as concerns about China and global economic slowdown persisted.
The Dow Jones industrial average and S&P 500 had their worst first five-day performance of a year in history, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. The S&P 500 lost $1.05 trillion this week, he said.
The major indexes closed out the week with losses of nearly 6 percent or more, their worst since 2011. The Russell 2000 also had its worst week in more than four years.
Read More5 things we've learned so far from a weird 2016
The major averages struggled for gains throughout the session before turning lower as the close approached.
"I don't think anyone wants to take on any risk for the weekend. … You just had the worst week in the start of the (year in) market history. Why would you want to go out long?" said Jeremy Klein, chief market strategist at FBN Securities.
The Dow Jones industrial average closed near session lows, down about 167 points, more than giving up opening gains of 137 points. Apple closed half a percent higher but lost nearly 7.9 percent for the week.
he S&P 500 closed down more than 1 percent, holding within 10 percent of its 52-week intraday high after earlier falling more than 10 percent from that level to briefly trade in correction territory.
The Dow and Nasdaq composite remained more than 10 percent below their 52-week intraday highs after closing there Thursday on speculation of further weakening in the Chinese yuan.
"I just think there's an underlying nervousness that we're going to see further turbulence out of China," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas. Performance in U.S. stocks depends "on willingness to believe the expansion is intact and the U.S. is going to remain relatively unaffected."
Financials led all S&P 500 sectors lower in the close and was the second-worst sector on the week.
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