MARKET SNAPSHOT: U.S. Stocks Sell Off; Another Triple-digit Drop For Dow

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stock fell sharply Friday as a global rush out of stocks and emerging-markets currencies deepened, while company earnings offered little respite for investors.

Main indexes are headed for weekly losses. The S&P 500 (SPX) fell 18.14 points, or 1%, to 1,810.32 and is set to record its second straight week of losses.

The Dow Jones Industrial Average (DJI) dropped 147 points, or 0.9%, to 16,049.61 and is headed for a steep weekly loss.

The Nasdaq Composite (RIXF) lost 46.11 points, or 1.1%, to 4,172.96 and on track to record a weekly loss after two weeks of gains. Over the course of the week, the tech-heavy index has wiped out most of its early 2014 gains. Follow the U.S. markets on the live blog

Investors began heavily selling stocks and riskier assets such as emerging-markets currencies on Thursday following weak Chinese economic data. Main indexes on Wall Street sold off, prompting some analysts to call it the beginning of a long-awaited correction.

Adding to the pressure from emerging markets, Argentina on Friday loosened restrictions on purchases of U.S. dollars after it devalued the peso.

"We think the flight to quality will continue, as investors realize how much profit they have made in the S&P 500 last year. This kind of selling could well be a spark for the correction," said Uri Landesman, president at Platinum Management.

Investors digested earnings results from several heavyweights in a day with no U.S. economic data.

Reporting before the bell, Kimberly Clark Corp. (KMB)announced its fourth-quarter earnings jumped to $539 million, or $1.40 per share, beating analysts' expectations. Shares in the consumer-goods company rose 3.4%.

Procter & Gamble Corp.'s (PG) profit fell, but its core earnings beat expectations. Shares in Procter & Gamble rallied 3.6%.

Honeywell International Inc. (HON) shares reversed earlier losses and was up 1% even as the company's quarterly earnings missed expectations.

Bristol-Myers Squibb Co. (BMY) shares rose 2.2% after the pharmaceutical company reported a better-than-expected rise in revenue and earnings.

Shares in Care.com (CRCM) jumped 33.3% on their debut, after the non-medical-care management company sold shares at $17, the higher range of its initial offer.

Shares of Microsoft (MSFT)(MSFT) bucked a weaker tech tone, up 2% after the company beat Wall Street estimates with fourth-quarter results.

Shares of Starbucks (SBUX) were up 3.1% as the coffee giant posted a 25% rise in profit, though sales missed Wall Street's targets.

EBay Inc. (EBAY) fell 1% after Carl Icahn said he is ready for a proxy fight to win two seats on the board of the online auctioneer, with the intent of pushing eBay to spin off PayPal.

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