Stocks Suffer Worst Weekly Loss Since May 2012

U.S. stocks fell on Friday, giving the market its worst week since May 2012, as worries about weak worldwide economic growth continued to take a toll on investor confidence. The Dow Jones Industrial Average dropped 115.15 points, or 0.69%, to 16,544.10, and lost 2.7% over the week. The S&P 500 fell 22.08 points, or 1.15%, to 1,906.13, losing 3.1% over the week. The Nasdaq Composite dropped 102.10 points, or 2.33%, to 4,276.24 and suffered its worst weekly decline since May 2012.

Former Federal Reserve Chairman Ben Bernanke etched a portrait Friday of his initial reluctance to have the central bank rescue American International Group Inc. in 2008. But he ultimately came to believe the bailout loan to the company was needed to avert a shock to the financial system.

Credit rating agency Standard and Poor’s has cut France’s credit outlook to ‘negative’ due to concerns
about the country’s struggling economic recovery.

Norton antivirus software maker Symantec Corp SYMC.O will split into two publicly traded companies, one focused on security and the other storage and backup, potentially making itself more attractive to suitors.