Stocks ended the week lower as investors were rattled by rising energy prices and worries regarding potential fallout from two struggling mortgage securities funds managed by Bear Stearns.
The Dow Jones Industrial Average, which was within striking distance of a new record high at the beginning of the week,closed the week down about 2.1%, the S&P 500 fell 2.0% and the Nasdaq Composite declined 1.4%.
All ten economic sectors tracked by S&P closed lower but basic materials stocks and technology shares weathered the storm relatively well. Utilities stocks were whacked, closing with a weekly decline of 4%.