Friday's early afternoon trade: Wall Street falls

US stocks slid back into the red on Friday after remarks from a prominent Senate Democrat gave investors another reason to back away from stocks heading into a weekend full of uncertainty over default. The S&P has fallen four straight days as the stalemate in Washington on a debt-reduction deal spurred selling. The benchmark index was on track for its steepest weekly losses in more than a year.
The CBOE Market Volatility Index, a gauge of investor fear, jumped as much as 9 percent to its highest level since mid-March before paring its rise to 5.2 percent. The Dow Jones industrial average was down 58.58 points, or 0.48 percent, at 12,181.53. The Standard & Poor's 500 Index was down 3.92 points, or 0.30 percent, at 1,296.75. The Nasdaq Composite Index was down 2.54 points, or 0.09 percent, at 2,763.71.