Closing Bell: Gap Tumbles on Weak December; Stocks Tumble

U.S. stocks closed out their worst beginning to the year in history. Chinese market turmoil dominated headlines, but worries over the Middle East and the possibility of a Federal Reserve ready to hike as soon as March kept a rebound at bay. Crude oil settled at its worst level since February 2004 in a week riddled with commodity selloffs. The threat of a weaker Chinese economy continued to pressure the market, pulling crude more than 10 percent lower since Monday. Gap (GPS) shares were among the worst performers on markets after the retailer said sales fell during the critical holiday-shopping month of December. Its Banana Republic brand suffered the worst sales, with revenue down 9 percent. Barracuda Networks' (CUDA) shares lost a third of their value on Friday after disappointing quarterly results. TheStreet's Keris Lahiff has details from Wall Street.