The broader market dove headfirst into a steep tumble for the day and week, after FedEx (FDX), withdrew its full-year outlook as global shipment volumes weaken alongside the worsening global economy. In fact, all three indexes each posted weekly losses of 4% or worse, while the blue-chip index erased more than 130 points for the day. All three indexes marked their fourth weekly loss in five and worst weekly performances since June.

The Dow Jones Average (DJI - 30,822.42) lost 139.4 points or 0.5% for the day. Home Depot (HD) led the gainers with a 1.6% rise, while Boeing (BA) landed at the bottom of the list with a 3.7% drop. For the week, the Dow plunged 4.1%

The S&P 500 Index (SPX - 3,873.33) shed 28 points, or 0.7% for the day, while the Nasdaq Composite (IXIC - 11,448.40) dropped 104 points, or 0.9%. For the week, the indexes lost 4.8% and 5.4%, respectively. 

Lastly, the Cboe Volatility Index (VIX - 26.30) added 0.03 points or 0.1%. For the week the market's "fear gauge" added 15.4%. 

There were no earnings of note today.

Oil Logs Third Straight Weekly Loss

Economic slowdown concerns overshadowed black gold's daily win, sending crude toward its third-straight weekly loss. October-dated crude rose one cent, to settle at $85.11 a barrel for the day and down 1.9% for the week.

Also marking a daily win alongside a weekly loss was gold, which struggled following this week's rising inflation concerns. December-dated gold added $6.20, or 0.4%, to settle at $1,683.50 an ounce for the day, but shed 2.6% on the week.

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