U.S. stocks end lower on recession fears; Dow off 3% for week

4:49p (MarketWatch)

NEW YORK (MarketWatch) -- U.S. stocks were hammered Friday, pushing the Dow industrials to their lowest close since Oct. 11, 2006, after February's unemployment report cemented thinking of a recession, and central bank moves to stem the credit crunch failed to offset the damage.

"Folks, based on today's employment report, if we are not in a recession, it is a darned good imitation of one; we are in an unprecedented real estate and credit crisis that is whipping its way through the U.S. economy," said Kevin Giddis, managing director, fixed income trading, Morgan Keegan & Co.