The S&P 500 and the Dow Jones Industrial Average recorded their worst weekly losses in more than a year while volumes on Wall Street on Thursday and Friday were significantly higher than their 30-day averages.
The S&P 500 -2.09% closed below the psychologically significant level of 1,800 for the first time since Dec. 17, dropping 38.17 points, or 2.1%, to 1,790.29. The benchmark index shed 2.6% over the past week, its worst weekly percentage loss since June 2012. The index is now 3.1% below its record high, reached Jan. 15.
The Dow Jones Industrial Average -1.97% dropped 318.24 points, or 2%, to 15,879.11 and lost 3.5% over the week, its worst weekly percentage decline since 2011. The last time the blue chip index had two consecutive days of triple digit losses were in Dec 11. and Dec 12.
The Nasdaq Composite -2.15% lost 90.70 points, or 2.2%, to 4,128.17 and registered a weekly loss of 1.7% after two weeks of gains. On Friday, the tech-heavy index reversed its early 2014 gains and is now down 1.2% since the start of the year.
The CBOE Volatility Index +31.74% , known as the Vix, surged 32%, .