May 31, 2013- Stocks Extend Losses Heading into Close on Stimulus Concerns

After turning in a lackluster performance for much of the session, stocks moved sharply lower in the latter part of the trading day on Friday. Continued uncertainty about the outlook for the Federal Reserve's asset purchase program weighed on the markets. The major averages accelerated to the downside going into the close, ending the day at their lows for the session. The Dow tumbled 208.96 points or 1.4 percent to 15,115.57, the Nasdaq slid 35.38 points or 1 percent to 3,455.91 and the S&P 500 plunged 23.67 points or 1.4 percent to 1,630.74. With the steep losses on the day, the major averages all moved lower for the holiday-shortened week. While the Nasdaq edged down by just 0.1 percent, the Dow and the S&P 500 fell by 1.2 percent and 1.1 percent, respectively. The sell-off seen in late-day trading came as a pair of economic reports added to recent concerns that the Federal Reserve could scale back its stimulus program within the next few meetings.