U.S. stock losses accelerated in the final hour of trading Friday as worries over Europe’s debt trumped mixed economic data, closing a turbulent third quarter that counted as the worst for the major indexes since the depths of the financial crisis.
The Dow Jones Industrial Average DJIA -2.16% , which had struggled over the session to maintain moderate losses, dropped 240.60, or 2.2% to close at 10,913.38. While the index was up 1.3% for week, it dropped 6% for the month, the fifth consecutive monthly loss, and fell 12% for the quarter, the worst quarter since March 2009
John Canally, an investment strategist at LPL Financial, said much of Friday’s market activity has to do with end-of-quarter selling.
“The data are suggesting slow growth, while the market is suggesting recession; that’s the tug of war that’s going on right now,” he added.
The S&P 500 SPX -2.50% fell 28.98 points, or 2.5%, to close at 1,131.42. It’s down 7.2% for the month and 14% in the three months since the end of June.
The Nasdaq Composite Index COMP -2.64% closed down 65.36 points, or 2.6%, at 2,415.40. It shed 6.4% for the month and nearly 13% for the quarter.
The quarterly declines mark the worst quarter for the S&P 500 and Nasdaq since December 2008.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 10,913.38 |
|---|---|
| Trade Time: | 4:05PM EDT |
| Change: |  240.60 (2.16%) |
| Prev Close: | 11,153.98 |
|---|---|
| Open: | 11,152.32 |
| Day's Range: | 10,909.52 -11,152.39 |
| 52wk Range: | 10,572.20 -12,928.50 |
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