Afternoon Update

All of the major averages are closing lower for the week, and all 11 S&P sectors as well. On the week (as of this writing around 3:30 p.m. ET), here’s how the major averages stand: S&P -2.25%, Dow -2.35% (Transports -3.35%), NASDAQ-100 -2.25%, Small Caps -3.25%. Generally speaking, most of the averages were down about…