US stocks tumbled on Friday after the top German official at the European Central Bank resigned in protest of the bank's bond-buying program, which has been a major tool in fighting the region's debt crisis. The Dow Jones industrial average was down 280.90 points, or 2.49 percent, at 11,014.91. The Standard & Poor's 500 Index was down 27.22 points, or 2.30 percent, at 1,158.68.
The Nasdaq Composite Index was down 49.98 points, or 1.98 percent, at 2,479.16. The S&P 500 was on track to end the week more than 1 percent lower. Shares of Bank of America, a Dow component which earlier in the week announced a far-reaching reorganisation of senior management, slid 2.1 percent to $7.05. McDonald's Corp fell 5.3 percent to $83.89 after its August restaurant sales rose less than analysts expected.