It didn't quite measure up to a "Black Friday," but there were plenty of storm clouds hanging over Wall Street as the markets wrapped up trading for the week.
U.S. stocks tumbled the most in two months after earnings reports from banks, manufacturers and industrial companies heightened concern about the health of financial markets and the economy.
The Dow Jones Industrial Average lost 367 points and closed at the lowest since the Federal Reserve cut its benchmark lending rate Sept. 18. Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. led financial shares to their worst week since 2002 after Wachovia Corp. said loan defaults reduced profit. Energy producers dropped the most in two years.
The retreat pushed benchmark indexes to their biggest weekly loss since July. The Standard & Poor's 500 Index 500 slipped 39.45, or 2.6 percent, to 1,500.63. The Dow declined 2.6 percent to 13,522.02. The Nasdaq Composite Index slid 74.15, or 2.7 percent, to 2,725.16.
"Today was a market explosion," said Frederic Dickson, chief market strategist at D.A. Davidson & Co., which manages $23 billion in Lake Oswego, Ore. "There's going to be a lot of pain and suffering."
The S&P 500 fell 3.9 percent this week and the Dow average lost 4.1 percent. The Nasdaq declined 2.9 percent.