U.S. stocks closed solidly lower on Friday, joining a global equity market selloff, as the mounting currency crisis in Turkey raised the alarm for possible contagion into other markets.
The S&P 500 fell 20.30 points, or 0.7%, to 2,833.28 and posted a 0.3% weekly loss, breaking a five-week advance. The Dow Jones Industrial Average dropped 196.16 points, or 0.8%, to 25,313.07 and booked a 0.6% weekly loss.
The Nasdaq Composite Index declined 52.67 points, or 0.7% to 7,839.11, but managed to end the week with a 0.4% gain.
Friday's losses turned what would have been weekly gains into losses. Implied volatility as measured by the Cboe Volatiliy Index jumped 19% to 13.41, its highest in a week.