FOX Business: The Power to Prosper

Market participants bolted out of risky equity and commodity markets on Friday amid fresh evidence that many of the world's biggest economies are losing momentum at a dramatic pace. The blue chips erased their 2012 rally and the broader S&P 500 tumbled to the brink of correction territory. 

Today's Markets

The Dow Jones Industrial Average plummeted 275 points, or 2.2%, to 12119, the S&P 500 tumbled 32.3 points, or 2.5%, to 1278 and the Nasdaq Composite sold off by 79.9 points, or 2.8%, to 2747.

The selling was quite broad on the day, with every Dow component and S&P 500 sector closing in the red. There were close to 13 trades in declining shares for each one in an advancing share. Meanwhile, volatility lurched higher by nearly 11%. Commodities weren't spared from the intense selling, with oil plunging close to 4% in its worst day since earlier this month.