The Dow Jones Industrial Average (DJI) closed at 22,445.37 on Friday, declining 1.8% or 414.23 points. The S&P 500 Index (INX) lost 2.1% to close at 2,416.62. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,332.99, shedding 3% or 195.41 points. Decliners outnumbered advancers on the NYSE by 3.57-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 3.77-to-1 ratio.  The CBOE VIX increased 6.1% to close at 30.11.

The Department of Commerce has marginally reduced its estimate for the third quarter 2018 U.S. GDP from 3.5% to 3.4%. This was the third and final estimate of the third quarter GDP. Personal income in November grew 0.2% to $40.2 billion.

The PCE price index increased 1.6% compared with an increase of 2.0% in the second quarter. Excluding food and energy prices, the PCE price index increased 1.6%, compared with an increase of 2.1% in the second quarter. Corporate profits increased $78.2 billion in the third quarter compared with an increase of $65.0 billion in the second quarter. Orders for U.S. durable goods increased 0.8% in November reversing a stiff decline of 4.3% in October. However, business spending plan declined 0.6% in November, its third drop in last four months.