U.S. stocks continued their descent on Friday, capping off a volatile week driven by concerns about global economic weakness. Bobbi Rebell reports.
Stocks added to Thursday's massive losses Friday. The Dow closing in negative territory for the year. Volatility was at its highest level since early February. All the major indexes lost ground for the week The S&P 500 and the Nasdaq had their worst week since May of 2012. Concerns about a global economic slowdown and three straight days of more than 200-point swings this week has left Wall Street with frayed nerves. Investors have piled into safe haven stocks while dumping financial and tech shares. As of Thursday, U.S. based taxable bond funds witnessed inflows of nearly $13 billion - a record according to Lipper data. While nearly $7 billion flowed out of U.S. equity funds. And U.S. crude slumped around $85 a barrel - a two-year low. Oppenheimer Funds Alec Young: SOUNDBITE: ALEC YOUNG, INVESTMENT STRATEGIST AT OPPENHEIMER FUNDS (ENGLISH) SAYING: 'With all this concern about global growth out there, it doesn't help when investors look at oil prices falling on a daily basis and there is an inference and implication that part of that is due to supply, but part of it may reflect weakening global demand and so that is sort of fanning these global growth fears. Separately, the entire board of Olive Garden parent, Darden restaurants was wiped out at its annual meeting. Hedge fund Starboard Value led the charge, unhappy that management sold Red Lobster without first holding a shareholder vote. Starboard and other stakeholders had been pushing for alternatives to boosting shareholder value. Tesla shares hit the skids a day after CEO Elon Musk unveiled new autopilot features for its Model S sedan. After Musk's Tweet last week teasing fans about something new, self parking and accident avoidance weren't enough to dazzle investors -- some hoping for a driverless car. In Europe, it was red across the screen with Germany's DAX falling to a one-year low.