Growth Worries Causes Markets to Sink
Stocks fell on Friday as further losses in oil prices sparked fears of a global economic slowdown, but the major indexes were still on pace for solid weekly gains.
The Dow Jones Industrials plummeted 224.48 points by noon ET to 25,966.74, as Caterpillar losses offset gains from Disney.
The S&P 500 dropped 30.72 points, or 1.1%, to 2,776.11, led lower by materials shares and tech.
The NASDAQ dumped 140.85 points, or 1.9%, to 7,390.04, as shares of Facebook, Amazon, Netflix and Alphabet all traded lower.
The S&P 500 was up 3.1% and Dow gained 3.6% for the week through Thursday's close. The NASDAQ, meanwhile, was up 2.4%.
On the earnings front, Yelp shares plunged more than 25% in the after releasing its latest quarterly results. Dow-member Disney, meanwhile, rose 2.6% on the back of better-than-expected results.
Prices for the benchmark for the 10-year U.S. Treasury jumped, lowering yields to 3.19% from Thursday's 3.24%. Treasury prices and yields move in opposite directions.
Oil prices lost 64 cents to $60.03 U.S. a barrel.
Gold prices subtracted $16 an ounce to $1,209.10 U.S.