After The Bell: Stocks Lower As Fed Enthusiasm Tapers

(CBS) -- Stocks closed lower Friday, snapping a 3-day winning streak, as a sharp decline in crude oil prices and soft manufacturing data put traders in a selling mood.

The S&P 500 dropped 12, the NASDAQ lost 33, and the Dow Jones Industrial Average closed down 131 points, settling to 18,261.

"Investors (are) reassessing the effectiveness of central bank policy. We got a little boost yesterday in response to the Fed's decision to hold interest rates steady, but I think today perhaps it caused investors to really rethink how effective central bank and Fed stimulus really is," Jack Ablin, Chief Investment Officer at BMO Private Bank in Chicago, tells Andy Giersher.

Ablin adds that investors should look beyond the short term volatility of an election year and stay focused on their long term strategy.