The Week on Wall Street
Stocks continued to struggle on Friday and a U.S. markets closed at the lows of the session following a last-minute selloff, quelling a mild afternoon rally.
Despite a volatile stock market, a number of equity strategists remained optimistic on U.S. stocks.
"People want to attribute all sorts of fundamental reasons for the selling, but all the major averages are up well over 20% from this time last year," said Bill Strazzullo, chief market strategist at Bell Curve Trading. "As far as we're concerned, it's just profit-taking."
Initial GDP data showed a U.S. economy which grew 3.4% in the second quarter, above economists' expectations.
By the end of the week, the S&P had posted its biggest percentage loss since 2002.