NEW YORK (TheStreet) -- U.S. stocks settled in the red Friday, racking up a third week of losses following a choppy trading session. The chip sector was fell sharply amid global growth concerns but was offset somewhat by gains in consumer staples.
The Dow Jones Industrial AverageI:DJI fell 0.69% to 16,544.10, leaving the index down 2.73% for the week. The S&P 500I:GSPC surrendered 1.15% to 1,906.13. Widespread jitters about a cooling Chinese economy and a questionable economic recovery in Europe coming just as U.S. quantitative easing nears its end has brought the S&P down by 3.12% this week. With a third straight weekly decline, the benchmark is now down roughly 5% from its Sept. 18 peak.
"The U.S. economy is the only thing pulling the global economy forward," said Andrew Wilkinson, chief market analyst at Interactive Brokers. "Investors might be forgiven for observing that following an almighty stock market rally, what's left?"
Watch the video below for what to look for in the week ahead:
shed 2.33% to 4,276.24, closing the week off 4.45% as the
PHLX Semiconductor Index
(SOX) tumbled 6.89%. The semiconductor sector tanked following a revenue miss on Thursday from
. The company's guidance indicated a potential industry correction after a slowdown in sales in China during the traditionally strong September quarter. Shares dropped 12.26%. Chip giant
The Labor Department reported Friday that U.S. import prices fell 0.5% in September vs. the 0.7% decline expected by economists. The latest report, the third straight negative reading, demonstrated that inflationary pressures were falling amid continued evidence of a slowing global economy and an appreciating U.S. dollar.
-- By Andrea Tse in New York