Stocks closed sharply lower, led by drops in banks and technology companies, as the market erased its gains from earlier in the week. The Dow Jones industrial average sank 367 points, or 2.1%, to 17,128 Friday. The Standard & Poor's 500 index fell 36 points, or 1.8%, to 2,005. The Nasdaq composite lost 79 points, or 1.6%, to 4,923.
Apple and Microsoft each fell 3% Friday. Drilling and transportation companies also logged steep losses, and used car dealership chain CarMax fell 6% after releasing disappointing results. Trading volume was much heavier than usual as many futures and options contracts expired. Bond prices rose. The yield on the 10-year Treasury note fell to 2.20%.