Stocks end sharply lower, dragging Dow, S&P 500 to monthly loss

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Stocks fell sharply Friday as the speculative frenzy around GameStop Corp. , up 68%, continued, raising concerns about financial stability and offering another potential sign of market froth. The Dow Jones Industrial Average dropped around 622 points, or 2%, to end near 29,981, according to preliminary figures, while the S&P 500 declined around 73 points, or 1.9%, to finish near 3,714. The Dow and S&P 500 each lost 3.3% for the week. Friday’s losses also put both gauges in the red for January, with the Dow off 2% and the S&P 500 losing 1.1%. The Nasdaq Composite dropped around 266 points Friday, or 2%, to close near 13,071. The tech-heavy index saw a 3.5% weekly fall, leaving it up 1.4% for the month.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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