Updated from 4:22 p.m. EST
Wall Street ended a chaotic week with fairly sizable losses on Friday as traders moved to pare their positions ahead of their two-day absence from the market.
Dow Jones Industrial Average
lost 120.24 points, or 0.98%, to finish at 12,114.10, and the
was off 16 points, or 1.14%, at 1387.17. The
slid 36.21 points, or 1.51%, to 2368.
On the Dow, 28 of its 30 components were in the red, pressured by a 2.9% loss in
Meanwhile, pullbacks in
combined to sink the Nasdaq.
Roughly 3.37 billion shares changed hands on the
New York Stock Exchange
, and volume on the Nasdaq reached 2.39 billion shares. Losers outpaced winners 3 to 1.
The New York market was coming off a session in which it plunged at the open, including a dive of more than 200 points in the Dow. However, a solid report on the factory sector helped a comeback, and the index ended down only 34.29 points at 12,234.34.
Over the last five sessions, the Dow tumbled 4.2%, and the S&P 500 dropped 4.4%, handing both their worst weekly performances since early 2003. The Nasdaq plummeted 5.9% to notch its highest weekly percentage loss since August 2004.
"This isn't a good way to end this week. This is our first major correction, but it hasn't scared the daylights out of investors yet," said Paul Mendelsohn, chief investment strategist with Windham Financial. "I don't think the market has come down enough yet to shake out the weak investors. There is a massive change in psychology now."
Asian shares, whose recent volatility has pressured the U.S., traded in a wide range overnight, and one of the hardest hit was the Nikkei 225 in Tokyo, down 1.4%. Meanwhile, China's stocks firmed. The Shanghai and Shenzhen 300 advanced 1.4%, and Hong Kong's Hang Seng tacked on half a percent.
Equities in western Europe were mixed, rebounding from their worst levels. London's FTSE 100 was flat, Frankfurt's Xetra DAX gave up 0.6%, and the Paris Cac 40 was lower by 0.6%.
"There's a host of concerns that have buffeted markets all week long," said Art Hogan, chief market analyst with Jefferies. "The market has had to go through a long-awaited corrective process. There's not a new catalyst for the selloff. We're going to continue to be volatile as we deal with this."
Back in the U.S.,
finished higher by 0.7% even after the PC maker said its financial results will be under pressure for the foreseeable future. The comments came after the company said sales in the latest quarter dropped 5% year over year to $14.4 billion. Dell tacked on 17 cents to $23.18.
Also after the bell Thursday, Dow component
said that adjusted fourth-quarter earnings came in below expectations. However, the insurance company said it will buy back up to $5 billion of stock during 2007. AIG added $2.13, or 3.2%, to $69.54.
posted fourth-quarter earnings of $219 million, or 27 cents a share, down 35% from the year-ago quarter. Results still beat the Thomson First Call average estimate. Gap lost 65 cents, or 3.4%, to close at $18.38.
said it had a fourth-quarter profit of $484.6 million, or $1.48 a share, up 29% from a year earlier. Wall Street had expected earnings of $1.43 a share for the quarter. Kohl's rose $3.73, or 5.5%, to $71.26.
Away from equities, the University of Michigan revised its consumer sentiment index for February to 91.3 from the preliminary reading of 93.3. Economists expected no revision to the data.
Treasury prices rose. The 10-year note added 9/32 in price and was yielding 4.51%, and the 30-year bond was up 12/32, yielding 4.65%.
Commodities were mostly lower. Oil gave back 36 cents to close at $61.64 a barrel at the New York Mercantile Exchange, while gold was off $21 at $644.10 an ounce. Natural gas dipped 4 cents at $7.24 per British million thermal units.