(CNBC) U.S. stocks closed more than 1 percent lower Friday, pressured by a continued decline in oil prices and soft reports on the health of the consumer. ( Tweet This )
The major averages ended the week down more than 3.5 percent, their worst since the week ended August 21 and breaking a 6-week win streak.
"I think what the market is worried about is declining commodity prices in the face of a rate hike," said Robert Pavlik, chief market strategist at Boston Private Wealth. He noted that low oil prices and weaker-than-expected retail sales added to concerns of economic slowdown.
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