​U.S. stocks tumble on global economic worries

NEW YORK - U.S. stocks tumbled Friday as investors continue to worry about global economic growth, and the market erased its gains from earlier in the week. Trucking and oil drilling companies dropped, while used car dealership CarMax (KMX) fell after it reported weak quarterly results.

The Dow Jones industrial average closed down 368 points, or 2.1 percent, to 17,128. The Standard & Poor's 500 index lost 36 points, or 1.8 percent, to 2,006. The Nasdaq composite shed 80 points, or 1.6 percent, to 4,924. Trading volume was much heavier than usual as many futures and options contracts expired.

Utilities stocks fell the most, a day after turning in the best performance in the market. Financial stocks also declined. Goldman Sachs (GS) dropped $7.21, or 4 percent, to $175.40.

Used car dealership chain CarMax disclosed disappointing quarterly results, as its profit and sales both fell short of analyst projections. Its stock lost $3.66, or 6.4 percent, to $53.49.

Shares of J.B. Hunt Transportation (JBHT) surrendered $1.96, or 2.7 percent, to $70.62, and Ryder System (R) lost $2.59, or 4.6 percent, to $54.08. C.H. Robinson (CHRW) declined $1.84, or 2.9 percent, to $62.36.

The Dow Jones transportation stocks index fell 2.2 percent, worse than the decline in the broader market.

Darden Restaurants (DRI), the owner of Olive Garden and other chains, climbed after the company raised its outlook for the year. Olive Garden sales rose and the company's profit was better than analysts were expecting. The stock added $4.11, or 7 percent, to $62.50.

Stronger earnings lifted shares of open-source software company Red Hat (RHT) and smartphone maker BlackBerry (BBRY). RedHat rose $2.54, or 3.2 percent, to $81.40, and BlackBerry gained 81 cents, or 10.4 percent, to $8.61.

Cruise line operator Carnival's (CCL) quarterly profit was larger than analysts expected. Its shares rose $1.95, or 3.9 percent, to $52.41.

Benchmark U.S. crude rose 38 cents, or 1.1 percent, to $35.33 a barrel in New York. Oil is trading at its lowest level in almost seven years and slumped over the last two days. Brent crude, a benchmark for international oils, picked up 47 cents, or 1.3 percent, to $37.53 a barrel in London. Natural gas, which sunk to 16-year lows Thursday, picked up 3 cents, or 1.7 percent, to $1.78 per 1,000 cubic feet.

While oil prices stabilized, offshore oil drilling companies skidded. Transocean (RIG) gave up 74 cents, or 5.7 percent, to $12.26, while Ensco (ESV) lost $1.08, or 7 percent, to $14.31, and Diamond Offshore (DO) Drilling dipped 70 cents, or 3.3 percent, to $20.47.

Metals prices also reversed course and rose Friday morning. The price of gold edged up $14, or 1.3 percent, to $1,063.60 per ounce and silver added 39 cents, or 2.8 percent, to $14.09 an ounce. Copper rose 6 cents, or 3.1 percent, to 2.11 a pound.

Mining stocks recovered along with prices for metals. Freeport-McMoRan (FCX) rose 8 cents, or 1.3 percent, to $6.20, and Alcoa (AA) rose 8 cents, or 0.8 percent, to $9.23.

U.S. government bond prices rose. The yield on 10-year Treasury note fell to 2.20 percent from 2.23 percent. The euro rose to $1.0847 from $1.0805. The dollar dipped to 121.37 yen from 122.85 yen. The dollar had climbed Thursday and is expected to gain strength as the Fed raises interest rates while central banks in Europe and Japan reduce interest rates.

The FTSE 100 index of leading British shares was down 0.7 percent and France's CAC 40 fell 1.5 percent. Germany's DAX was 1.7 percent lower. Japan's Nikkei 225 sank 1.9 percent and South Korea's Kospi slipped 0.1 percent. Hong Kong's Hang Seng finished 0.5 percent lower.