Wall Street fell sharply after making a few attempts to rally in a choppy session on Friday. The Nasdaq slid into bear market. Tech stocks dragged down the major indexes as Washington grappled with the threat of a partial government shutdown. The S&P lost 7 percent on the week.
Mercadien Asset Management president, Ken Kamen:
SOUNDBITE: MERCADIEN ASSET MANAGEMENT PRESIDENT, KEN KAMEN, (ENGLISH) SAYING:
"It's certainly not helping that we're getting - I wouldn't even call it uncertainty out of Washington. We're just gettin gcontinued unrest. It just seems that it's the story of the day. You know, every time something out of Washington comes, you don't know if that story's going to hold for another week, day or two, depends on the next tweet."
Nike shares sprinted higher. At least two brokerages upgraded the footwear maker's stock after its solid results allayed concerns of demand from China. That lifted shares of retailer Foot Locker as well.
Perrigo's shares slumped. Ireland's tax authorities slapped a $1.9 billion tax bill on the drug maker.
Mixed economic data: Consumer spending rose solidly in November, but capital goods orders unexpectedly fell, and the economy slowed a bit more in the third quarter than previously estimated.
In Europe, the major markets eked out gains.