S&P 500 Near Lows With Final Hour Underway

(Updated - December 11, 2015 3:28 PM EST)

Stocks tested lows in the final hour of trading Friday, with the S&P 500 off 2% at 2010 and the Dow down 1.8% to 17250. The Nasdaq slipped 2% to 4930, while VIX surged 22%.

Weakness came ahead of next week's Fed decision on rates, amid slumping oil and fear in credit markets.

Earlier billionaire Carl Icahn tweeted that the meltdown in high yield credit was just beginning, which did little to calm nerves on Wall Street ahead of the Fed's big day next week.

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