After all that, we're right back where we started.
The Dow Jones Industrial Average shed 154.48, or 1.5 percent, Friday, but ended the week at 10,309.92, less than 10 points below where it started the week as gains logged before Thanksgiving offset today's losses.
The S&P 500 and Nasdaq each lost 1.7 percent today but also ended the week little changed.
The New York Stock Exchange closed at 1pm ET Friday.
TheCBOE Volatility Index, widely considered the best gauge of fear in the market, ended the week at 24.76, after finishing Wednesday's session near 20.
Stocks declined across the board but financial and commodity-related sectors were the hardest hit, after Dubai, a surreal Mideast boomtown which boasts an indoor ski slope and three palm-shaped islands, said it would ask creditors for a 6-month standstill on about $60 billion of debt, which it is seeking to restructure.
Stocks fell sharply in Europe and Asia Thursday, when the news hit, and the U.S. market reopened on Friday, a selloff ensued.
It remains unclear how much exposure U.S. banks have to Dubai — and analyst Dick Bove said it wasn't much — but Bank of America and Citigroup were the heaviest-traded stocks on the New York Stock Exchange.
All 30 Dow stocks finished lower — which has happened only 8 other times this year — led by Bank of America, Caterpillarand Alcoa.
The dollar rallied against most major currencies as investors looked for a safe haven. But it was no match for the yen, which hit a 14-year high against the dollar.
Gold fell more than $12, settling at $1,174.20 an ounce, after hitting a high earlier this week above $1,190. Oil dropped about $2, settling at $76.05 a barrel.
Several analysts said the market had gotten ahead of itself and investors, predictably, used the Dubai news as an excuse to sell and lock in gains for the year — the S&P is up 20 percent so far this year.
Investors also used today's selloff as an opportunity to further their rotation into safer bets like consumer staples and away from their recovery bets in technology and elsewhere. Microsoft and HP finished near the bottom of the Dow pack.
The Dubai fallout is a correction, not the beginning of a new crisis, Pimco's Mohammed El-Erian said on CNBC this morning, adding that the market's reaction shows financial markets haven't calmed down after last year's collapse.
"Now I think investors are going to look much closer to fundamentals," he said.
This is just a blip for the market, Arjuna Mahendran, head of investment strategy Asia at HSBC Private Bank, said on CNBC Asia.