SAN FRANCISCO — U.S. stocks dropped Friday, suffering their sixth consecutive week of losses, weighed by concerns about the global economy and a drop in energy stocks.
Wall Street’s extended slide followed several weeks of economic reports that have largely disappointed investors.
The Dow Jones industrial average fell 172.45 points, or 1.4 percent, to 11,951.91, its lowest close since March 18, with all but three components ending higher. For the week, the blue-chip average lost 1.6 percent.
The six-week losing period, which has cut 6.7 percent from the Dow, is the longest stretch since Oct. 4, 2002, when the index lost 15 percent.
Worries about the global economy — from the prospects of a Greek default to smaller growth in Chinese exports — resurfaced Friday to knock stocks, as they have for most sessions this month. European stocks and some Asian markets also ended lower Friday.
The Standard & Poor’s 500 ended down 18.02 points, or 1.4 percent, to 1,270.98. It’s lost 2.2 percent for the week, its sixth straight loss, or the longest weekly losing stretch since July 2008.
The S&P 500’s energy sector fell 1.9 percent, tracking a nearly 3 percent drop in oil prices, after Saudi Arabia was reported to be planning to increase oil production and after the dollar rose against the euro as European officials clashed over how fix Greece’s debt problems.
The financial sector, which had fallen more than 1 percent earlier, shed some of its early losses after a CNBC report that regulators may tone down a proposed requirement for the amount of extra capital large banks must hold.
“Banks are a less attractive bet because there are cheaper companies out there that are easier to value,” said Karl Mills, chief investment officer at Jurika, Mills and Keifer in San Francisco. “Hedge funds are in the performance game so they’re pulling out.”
The Nasdaq composite shed 41.14 points, or 1.5 percent, to 2,643.73, losing grip on year-to-date gains; it’s lost ground for five of the last six weeks.
