Stocks closed broadly lower for a third straight week on signs that U.S. consumer demand may be weakening.
Retailers Gap Inc. and Aeropostale each lost more than 14 percent Friday after cutting their profit forecasts for the year, in part because of higher costs for raw materials and sluggish sales. That was a worrying sign for investors who had counted shoppers to lead a recovery in spending.
The Dow Jones industrial average fell 93.28 points, or 0.7 percent, to 12,512.04.
The Standard & Poor's 500 index lost 10.33, or 0.8 percent, to 1,333.27.
The Nasdaq composite dropped 19.99, or 0.7 percent, to 2,803.32.
For the week:
The Dow is down 83.71, or 0.7 percent.
The S&P is down 4.51, or 0.3 percent.
The Nasdaq is down 25.15, or 0.9 percent.
For the year to date:
The Dow is up 934.53, or 8.1 percent.
The S&P is up 75.63, or 6.0 percent.
The Nasdaq is up 150.45, or 5.7 percent.