Trouble in Emerging-Market Currencies Spreads, Stocks Fall (SPY)

U.S. investors were jittery and stocks declined Friday amid the worst sell-off in emerging-market currencies in five years. Worries about Fed tapering intensified Thursday after manufacturing data out of China showed the first decline in months. EM currencies like the Turkish lira and South African rand plunged.

"Global emerging markets are now trading in full-blown panic mode," Benoit Anne, global head of emerging-market strategy at Société Générale in London told WSJ.

Volatility on the S&P 500 spiked on Friday. Bonds yield held lows and equities declined. The S&P 500 was down about 1% mid-day. SPDR S&P 500 (NYSE: SPY) declined by a similar amount.

Shortly after 11AM ET, the Dow is down 183, the S&P 500 is down 23 and the Nasdaq is down 62.

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