(CNBC) Stocks plunged again on Friday, bringing the Dow Jones Industrial Average's losses for the week to 7 percent and putting it on track for its worst week since the financial crisis in 2008. The Nasdaq Composite Index fell into a bear market and the S&P 500 was on the brink of one itself, down nearly 18 percent from its record earlier this year.
The Federal Reserve's rate hike on Wednesday drove the losses this week and fears of an extended government shutdown only added to the pain on Friday.
The Dow Jones Industrial Average fell 400 points in turbulent trading that sent the blue-chip index up as much as 300 points earlier in the day, only to trade in negative territory less than one hour later. The initial tick upward came as Federal Reserve Bank of New York President John Williams said that the central bank could reassess its interest rate policy and balance sheet reduction in the new year if the economy slows.
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