The major U.S. indexes took a beating on Friday, putting the Dow in correction mode. The S&P losing almost six percent for the week, its biggest weekly loss since 2011. Bobbi Rebell reports.
It was a brutal end to the week for U.S. stocks. The Dow plummeting more than 500 points, a three percent loss for the index, putting it in correction territory. The S&P 500 posting its biggest daily percentage loss since November of 2011. Tech and consumer cyclical stocks took the hardest hit in a broad-based selloff. Victims included Apple, which sees China as a key iPhone market, and Netflix, the best S&P 500 performer this year. For the week: a sea of red. The Dow down almost six percent, the Nasdaq almost seven percent. NYSE floor trader Tim Anderson of MND Partners: SOUNDBITE: TIM ANDERSON, MANAGING DIRECTOR, MND PARTNERS (ENGLISH) SAYING: "The momentum has followed through to the downside today. People really don't want to have a lot of exposure going into the long weekend. And the market is just riding some short-term momentum to the downside right now." Among the day's biggest decliners on the S&P: Ross Stores and Deere. Both issued warnings. The discount retailer said second half sales and profit would be "more challenging." The farm equipment maker cut its profit outlook for the fiscal year. Hewlett-Packard shares bounced back after some brokerages like Citi and J.P. Morgan reiterated their bullish views on the PC maker. The global selloff also struck Europe hard. Stocks there suffered their steepest fall in nearly four years.