S&P 500 at lowest since April as investors pull money out of stocks

The S&P 500 fell 1.9 percent on Friday to close at 2,599.95, its lowest finish since 2 April.

Markets have fallen as investors pulled money out of stocks. Data compiled by the Lipper team at Refinitiv showed investors pulled $46.2 billion from US equity mutual funds and exchange-traded funds in the week ending 12 December.

In its latest quarterly review, the Bank for International Settlements said that the latest market declines "took place amid mixed signals from global economic activity and the gradual, yet persistent, tightening of financial conditions" and "reflected the ebb and flow of ongoing trade tensions and heightened political uncertainty in the euro area".

However, Federated Investors' Steve Chiavarone told CNBC on Friday that "things are stable".

Chiavarone noted that price-earnings ratios have fallen 20 percent. "What that tells us is the market is pricing in recession in 2019. We just don't think that is going to happen."