Wall Street bled on Friday, with the S&P 500 sinking to its lowest since October 2014 as oil prices sank below USD 30 per barrel and fears grew about economic trouble in China.
The energy sector dropped 2.87 percent as oil prices fell 6.5 percent, in part due to fears of slow economic growth in China, where major stock indexes also slumped overnight. The energy sector has lost nearly half its value after hitting record highs in late 2014.
China's major stock indexes shed over 3 percent, raising questions about Beijing's ability to halt a sell-off that has now reached 18 percent since the start of the year.
US stock exchanges will be closed on Monday in observance of Martin Luther King Jr. Day, while China's equity markets will be open.
During Friday's session, the CBOE volatility index, Wall Street's fear gauge, jumped as much as 29.2 percent to 30.95, its highest level since September.
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