Dow Jones – Stocks end sharply lower, dragging Dow, S&P 500 to monthly loss

Stocks fell sharply Friday as the speculative frenzy around GameStop Corp.
GME,
+67.87%,
up 68%, continued, raising concerns about financial stability and offering another potential sign of market froth. The Dow Jones Industrial Average
DJIA,
-2.03%
dropped around 622 points, or 2%, to end near 29,981, according to preliminary figures, while the S&P 500
SPX,
-1.93%
declined around 73 points, or 1.9%, to finish near 3,714. The Dow and S&P 500 each lost 3.3% for the week. Friday’s losses also put both gauges in the red for January, with the Dow off 2% and the S&P 500 losing 1.1%. The Nasdaq Composite
COMP,
-2.00%
dropped around 266 points Friday, or 2%, to close near 13,071. The tech-heavy index saw a 3.5% weekly fall, leaving it up 1.4% for the month.