Stocks end miserable week down 7 percent

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NEW YORK (AP) -- Another day of big losses is leaving the U.S. stock market with its worst weekly drop in more than seven years.

The benchmark S&P 500 index ended a brutal week down 7 percent Friday, led by big drops in former market favorites like Facebook and Amazon.

Major U.S. indexes are now 16 to 26 percent below the peaks they reached in the summer and early fall.

Investors fear a recession is coming, and barring huge gains during the upcoming holiday period, when trading is usually quiet, this will be the worst December for stocks since the 1930s.

The S&P 500 fell 50 points, or 2.1 percent, to 2,416.

The Dow Jones Industrial Average fell 414 points, or 1.8 percent, 22,445. The Nasdaq fell 195 points, or 3 percent, to 6,332.

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