U.S. stocks closed firmly lower Friday, pressured again by falling oil prices that drove the three main benchmarks to losses of at least 3.8%.
The Dow Jones Industrial Average closed down 0.7% at 24,285, the S&P 500 index ended the session with a decline of 0.7% at 2,632, putting the broad-market index in correction territory, usually defined as a decline of at least 10% from a recent peak. Meanwhile, the Nasdaq Composite Index finished the abbreviated session off 0.5% at 6,938, deepening descent into correction.
U.S. stock markets closed at 1 p.m. in post-Thanksgiving trade, which is typically marked by low trading volumes that can exacerbate declines. Thin trading was part of the reason for a decline in crude-oil prices which tumbled as much as 7% at the worst levels of the day, weighing on market sentiment. Oil is in a bear market, usually characterized as a decline of at least 20% from a recent peak.
For the week, the Dow fell by 4.4%, the S&P 500 registered a weekly slide of 3.8%, while the Nasdaq sank 4.3% during the truncated week