Major Averages Tumble To Lowest Closing Levels In Two Months

(RTTNews) - Stocks moved sharply lower over the course of the trading day on Friday, adding to the steep losses posted in the previous session. With the sell-off on the day, the major averages fell to their lowest closing levels in two months.

Trucking stocks showed a substantial move to the downside on the day, dragging the Dow Jones Trucking Index down by 3.2 percent. With the loss, the index fell to its lowest closing level in well over a year.

Knight Transportation (KNX) helped to lead the trucking sector lower, tumbling 5.9 percent after cutting its fourth quarter earnings guidance.

Considerable weakness was also visible among oil service stocks, which moved lower along with the price of crude oil. The Philadelphia Oil Service Index also hit its lowest closing level in over a year, slumping by 2.9 percent.

Financial stocks also saw significant weakness, adding to the steep losses posted in the previous session. The Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index fell by 2.9 percent and 2.4 percent, respectively.

Software, housing, railroad, and computer hardware stocks also came under pressure on the day, while gold stocks bucked the downtrend amid a rebound by the price of the precious metal.

The major averages saw further downside going into the close, ending the day at their lows of the session. The Dow plummeted 367.39 points or 2.1 percent to 17,128.45, the Nasdaq tumbled 79.47 points or 1.6 percent to 4,923.08 and the S&P 500 plunged 36.37 points or 1.8 percent to 2,005.52.

As a result of the losses on the day, the major averages all closed lower for the week. The Dow fell by 0.8 percent, while the Nasdaq and the S&P 500 edged down by 0.2 percent and 0.3 percent, respectively.