Stocks closed firmly in the red Friday amid fears that Greece may default on its debt and following news that ECB's Juergen Stark will resign.
For the week, the Dow and S&P 500 plunged more than 5 percent each, while the Nasdaq slumped over 4 percent.
The Dow Jones Industrial Average plunged sharply to close around the psychologically-important 11,000 level, led by AmEx and Hewlett-Packard after logging a triple-digit declinein the previous session.
The Dow has posted three-digit moves in 19 of the past 24 trading sessions.
The S&P 500 and the Nasdaq also tumbled.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, surged almost 15 percent to end near 40.
All 10 S&P sectors ended lower, led by energy and materials.
Greece's finance ministry issued at statement dismissing rumorsthat the debt-ridden nation is planning on defaulting over the weekend.
"Greece's fundamental choice and priority is it fully and entirely implement the Jul. 21 decision, and wholly fulfill its obligations from the agreement between Greece and its partners," according to the statement from Greece's finance minister.
The news came after Germany said it is preparing plans to shield banks should Greece end up defaulting on its debt, according to a Bloomberg report.
“The fear feeds on itself,” Peter Boockvar of Miller Tabak told CNBC. “The end point will come next week or the week after the at the latest where Greece is hoping that they get the next tranche [of aid] because if they don’t, they realize they’ll run out of money.”