Bonds rallied and stocks slumped on Tuesday as investors worried that the ongoing decline in the price of oil will hurt the global economy and increase the risk of deflation, or falling prices.
The Dow Jones industrial average fell 130.01 points, or 0.7 percent, to 17,371.64.
The Standard & Poor's 500 index dropped 17.97 points, or 0.9 percent, to 2,002.61.
The Nasdaq composite declined 59.84 points, or 1.3 percent, to 4,592.74.
For the week:
The Dow is down 461.35 points, or 2.6 percent.
The S&P 500 is down 55.59 points, or 2.7 percent.
The Nasdaq composite is down 134.08 points, or 2.8 percent
For the year:
The Dow is down 451.43 points, or 2.5 percent.
The S&P 500 is down 56.29 points, or 2.7 percent.
The Nasdaq composite is down 143.32 points, or 3 percent.