(CNBC) U.S. equities closed sharply lower on Friday as concerns the Federal Reserve might raise interest rates this month loomed following comments made by key Fed officials.
"The Fed is clearly on a choreographed path; it wants to raise rates this year," said Art Hogan, chief market strategist at Wunderlich Securities. "What the market is trying to re-calibrate is whether that means September or December."
"You've also had some lingering disappointment from Mario Draghi disappointing," he said.
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The Dow Jones industrial average closed nearly 400 points lower, with 3M and Boeing contributing the most losses. The index also posted its biggest single day fall since June 24 and its worst week since January.