After a difficult week for markets worldwide, Wall Street closed on a down note amid growing fears of another US recession and over Europe’s debt crisis.
US stocks at first see-sawed before heading down.
European stocks closed down, too, with no sign of an end to the crisis in confidence for investors.
Concerns over prospects for world growth and over the stability of the euro zone are taking a heavy toll and European shares flirted with two-year lows.
Gold, however, set a second-straight record high on Friday as investors sought refuge in safe-haven buying.