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January 24, 2014 AT 2:36 PM
Stocks closed the week on a sour note as the bearish action picked up. Extending yesterday’s emerging markets-driven sell-off, the S&P 500 fell 2.09% as investors fled from anything risk-related. Looking at the other indices, we saw substantial weakness in the small-cap Russell 2000, and the Nasdaq Composite underperformed slightly despite positive action in earnings winners Microsoft and Starbucks. Sector-wise, economically sensitive and momentum-based sectors were hurting today, with housing, financials, biotech, and social media coming under significant pressure.