DOW - Major correction coming?

Dow

12,263.58

-117.53

-0.95%

By: Abby Schultz, JeeYeon Park

Stocks followed commodities sharply lower throughout Friday's session as oil slid and investors reacted to disappointing sales results from Alcoa


The Dow Jones Industrial Average fell 117.53 points, or 0.95 percent, to close at 12,263.58.


The S&P 500 dropped 10.30 points, or 0.78 percent, to close at 1,314.16, while the Nasdaq Nasdaq Composite, 26.72 points, or 0.96 percent, to close at 2,744.79.


The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 17.

Oil prices tumbled after Goldman said the oil market will experience a "substantial pullback" to $105 a barrel for London Brent crude, which had traded above $126 a barrel last week. London Brent crude [LCOCV1 121.21 --- UNCH (0) ] fell more than 2 percent, to just below $121 a barrel, while U.S. light crude [CLCV1 105.99 -0.26 (-0.24%) ] fell more than 3 percent, to just above $106 a barrel.