Stocks ended lower Friday with the Dow and S&P closing down for the seventh week out of eight amid continuing jitters over the euro zone debt crisis.
The Dow Jones Industrial Average fell 115.42 points, or 0.96 percent, to end at 11,934.58. Among the blue-chip index, Boeing was the biggest laggard for the week, while DuPont rose.
The S&P 500 slumped 15.05 points, or 1.17 percent, to 1,268.45, near its 200-day moving average of 1,263.
The tech-heavy Nasdaq slipped 33.86 points, or 1.26 percent, to end at 2,652.89.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped almost 10 percent to finish at 21.15.
For the week, the Dow declined 0.58 percent, the S&P shed 0.24 percent, while the Nasdaq gained 1.39 percent—snapping a five-week losing streak.
Consumer staples was the biggest sector laggard for the week while materials climbed.
Volume was on the heavier side with the consolidated tape of the NYSE at 4.80 billion shares, while 1.74 billion shares changed hands on the floor.
The Russell indexes are scheduled to rebalanceafter the close. Russell rebalancing happens typically on the last Friday of June every year. This year's adjustments is likely to boost the weighting of tech and health care stocks.
"We're tumbling because the market is very jittery about the passing of the Greek austerity vote," said Boris Schlossberg of GFT Forex.
Five-year credit default swaps (CDS) on Greek government debt increased 50 basis points to near 2,330. Gold tumbled to settle near $1,500.90 an ounceas the euro fell to a session low against the dollaramid concerns over Greece.
On Thursday, Greece won consent from a team of EU-IMF inspectorsfor a five-year austerity plan after committing to an additional round of tax rises and spending cuts. The Greek Parliament is expected to vote on the austerity plan next week.
Italian banks UniCredit and Intesa Sanpaolofell sharply and were briefly haltedamid pressure from Europe's debt crisis. The news comes after Moody's warned of a downgrade on Italian banks Thursday.
Meanwhile, European banks RBS, Barclays and DeutscheBank declined.
Deutsche Bank cut its second-quarter earnings estimates on Goldman Sachs and Morgan Stanley to $2.10 a share from $2.55 and 38 cents a share from 42 cents, respectively. Shares of both banks slipped.