Week on Wall Street ends, thankfully

Well, at least it's Friday.

Stocks on Wall Street ended a dismal week with another drubbing today. 

Following yesterday's carnage investors were, yet again, focused on the mess in Europe and a weakening U.S. economy, though Hewlett-Packard also did its best to top the bad news express, plunging 20 percent on weak earnings and a rethinking of its strategy. 

Here are the ugly details:

• The Dow dropped 173 points, or 1.6 percent to end at 10,818
• The S&P 500 slid 17 points, or 1.5 percent, to 1,124
• The Nasdaq Composite fell 39 points, or 1.6 percent, to 2,342

The three big markets were down between four and six percent on the week.

Europe was the biggest wreck of the day, as there are no concrete signs that Europe's key leaders are doing much about a worsening debt crisis.

Tuesday's high stakes meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, where the two proposed greater regional cooperation, flopped with the market.

"There is no solution to the Euroland's sovereign debt crisis in sight," Carl Weinberg, an economist at High Frequency Economics told CNNMoney. "Markets will continue to be fundamentally unstable and volatile as long as we can think."

More from GlobalPost: Merkozy's baby steps won't save Europe

"The market gave Merkel and Sarkozy their chance to stop the Euro crisis," added Clem Chambers, chief executive of European financial market website ADVFN. "Today it is responding to their inaction."

Friday's market sell-off comes after Morgan Stanley issued a dire warning yesterday about the U.S. economy, which is said was "dangerously close" to recession.

Morgan Stanley also lowered its global growth forecast to 3.9 percent this year from 4.2 percent, and to 3.8 percent in 2012 from 4.5 percent, CNNMoney reported.

But, of course, GlobalPost reader, you already knew that the bad news on the global economy was coming.

See you Monday.