Closing Bell: FitBit Slumps on Fossil Buy; Stocks Snap Win Streak

Benchmark indexes snapped a six-week winning streak on Friday with the S&P 500 falling more than 3% over the past five sessions. Markets have been under pressure this week as crude oil threatened to fall below $40 a barrel and talk over a December rate hike hit fever pitch. FitBit (FIT) slumped on news watch company Fossil (FOSL) had moved into the smartwatch industry with its acquisition of Misfit. Fitbit specializes in wearable fitness trackers. Cisco (CSCO) was sharply lower after issuing soft guidance. The networking giant expects sales growth no higher than 2% in its current quarter, more than half analysts' estimates. Cisco said lower forecasts reflects weak order growth and a strong U.S. dollar.