Stocks Close With Losses

Wall Street closed Friday with losses for the fourth straight week as investors pulled out of the market on growing fears that both the U.S. and Europe face a recession. Hewlett-Packard's poor forecast caused its stock to drop nearly 20 percent Friday, its worst single day since the stock-market crash of 1987. The company announced Thursday it may spin off its PC business, the biggest in the world. Stocks also took a hit from the news that the S&P index dropped 13.1 percent and was on track to have its worst month since October 2008. "What I'm seeing right now is basically a crisis of confidence, more so than economic crisis or financial crisis necessarily at this stage," said analyst Natalie Trunow.