Stocks Ended Sharply Lower, Erasing Weekly Gains

U.S. stocks ended sharply lower on Friday, erasing weekly gains, as investors focused on a batch of weaker-than-expected economic data out of China and Europe. The Dow Jones Industrial Average fell around 496.87 points, or 2.02%, to 24,100.51. The S&P 500 dropped 50.59 points, or 1.91%, to 2,599.95. The Nasdaq Composite shed 159.67 points, or 2.26%, to 6,910.67. Both the Dow and the S&P saw a weekly decline of 2%, while the Nasdaq fell 2.3%.

Oil prices fell on Friday, settling lower for the week, as a stronger dollar cut global demand for U.S.-priced commodities and a slide for the stock market sullied the risk-taking mood. West Texas Intermediate crude for January delivery fell $1.38, or 2.6%, to settle at $51.20 a barrel, down 2.7% for the week. February Brent crude fell $1.17, or 1.9%, to $60.28 a barrel, down about 2.3% for the week.