The S&P finished with a 1.6% gain for the week, but Friday's decline was the worst since March 5. In the last 30 minutes of trading, stocks fell sharply on the second-highest volume of the day, falling 9 points or 1.16% from the high of the period to the close. All told, the S&P fell 2.86% from the session's high to the close of trading, just 1.5 points above session lows.

At Friday’s close of floor trading on the NYSE, the DOW was on 7278.38 with a loss of 122.42 points (-1.65%) while the S&P finished on 768.54, down 15.50 points (-1.98%). The technology-heavy NASDAQ closed on 1457.27 after falling 26.21 points (-1.77%).

The dollar was mostly higher as stocks declined, and we should mention that it really does seem as if the yen has detached from the S&P. It normally rises as stocks are sold, but the Fed's move this week seems to have upset the usual relationship. On the day, the greenback ended up with a gain of 0.84% on the euro, 0.50% on sterling 2.46% and 1.52% against the yen as it fell 0.15% to Australia's currency.

Treasuries were sold. Yield on the 2-year note rose 0.8 basis points to 0.870% while yield on the 10-year note gained 5.5 basis points to 2.647%.

Crude for April delivery was recently trading down 6 cents (-0.12%) to $51.55 per barrel.

Gold for April delivery was recently trading down 8 cents (-0.08%) to $957.50 per ounce.