NEW YORK (AP) — Stocks closed broadly lower on Wall Street, erasing their gains for the week, as investors became increasingly worried that the global economy is slowing down.
Traders shifted money into bonds and other low-risk assets Friday.
Bond yields fell sharply, hurting bank stocks and flashing a possible recession warning. Citigroup slumped 4.6 percent.
Boeing fell 2.8 percent after Indonesia’s flag carrier said it would seek to cancel an order of the company’s planes.
The S&P 500 fell 54 points, or 1.9 percent, to 2,800.
The Dow Jones Industrial Average lost 460 points, 1.8 percent, to 25,502. The Nasdaq fell 196 points, 2.5 percent, to 7,642.
Small-company stocks fell more than the rest of the market as traders offloaded risker assets.
The yield on the 10-year Treasury dropped to 2.43 percent.
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