(CNBC) U.S. stocks closed about 1 percent lower Friday, ending the year's first trading week with sharp losses as concerns about China and global economic slowdown persisted. ( Tweet This )
The Dow Jones industrial average and S&P 500 had their worst first five-day performance of a year in history, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. The S&P 500 lost $1.05 trillion this week, he said.
The major indexes closed out the week with losses of nearly 6 percent or more, their worst since 2011. The Russell 2000 also had its worst week in more than four years.
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