wall street*(Via WSJ) – On Wall Street, U.S. stocks fell sharply, capping the biggest weekly decline since September 2011 for the Dow industrials, after a two-day selloff in global equity and currency markets prompted investors to flee risky assets.

The Dow Jones Industrial Average fell 318.24 points, or 1.96%.

Traders said that despite the scope of the declines, fund managers weren’t overly urgent in their selling.

Traders pointed instead to short-term players selling baskets of stocks, such as index futures or exchange-traded funds, as a way to protect against losses elsewhere in their portfolios.

Buyers, meanwhile, pulled to the sidelines, content to wait before putting money to work.

Read the WHOLE story at Wall Street Journal.