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In many ways, the markets seem to be stuck in a loop.

Two familiar themes — a slowing economy and a fresh batch of financial problems for banks — sent stocks into a tailspin Friday, putting the major indexes on track for one of their worst starts to a year.

The Dow Jones industrial average fell 246.79 points, or 1.92 percent, after another familiar scourge — losses stemming from subprime mortgage loans — struck two prominent players in the financial industry. The blue-chip index closed at 12,606.30, resulting in a 5 percent decline so far this year.

Recession fears have sent investors scurrying from companies like retailers that could be hit hardest by an economic slowdown.

Many market watchers, including the chairman of the Federal Reserve, expect consumers to cut back on purchases this year as they feel pressure from a softening job market and oil prices at record highs.

“The financials have grabbed all the headlines, but retail stocks suffered in 2007 and so far this year pretty substantially,” said Bruce Bittles, the chief investment strategist at Robert W. Baird. “With housing prices going down and energy prices going up, the consumer is really in a bad fix.”

Now investors are bracing for next week’s round of earnings reports, which many analysts expect to show a drop-off in corporate profits.

In addition, worries about coming events may have fueled some of Friday’s sell-off: the next three weeks will bring a Federal Reserve policy meeting, many presidential primaries, and a closely watched report on employment.

“The best investment may be in aspirins and a neck brace,” Howard Silverblatt, an analyst at Standard & Poor’s, wrote in a research note.

Plenty of investors may already be reaching for a nightcap.

The Standard & Poor’s 500-stock index, a broad measure of major businesses, has fallen 4.6 percent in January, its fourth-worst start to a year since the index began. The S.& P. lost 1.36 percent, or 19.31 points, on Friday to end regular trading at 1,401.02 Tiffany ROTATABLE COIN Pendant.

Shares of technology companies also dropped. The Nasdaq composite index lost 1.95 percent, or 48.58 points, to close at 2,439.94. It has been a difficult year so far for the technology sector, with the Nasdaq shedding 8 percent of its value in less than two weeks.

The February contract for a barrel of crude oil slipped $1.02, to $92.69, on the New York Mercantile Exchange and gold futures climbed to a record of $900 per troy ounce before dropping back slightly.

Yields on 10-year Treasury notes fell to 3.78 percent from 3.89 percent, a sign that investors were moving into safe bets on government bonds. The price of the notes, which moves in the opposite direction from the yield, rose 26/32, to 103 23/32.

Friday’s decline began at the opening bell after a report that Merrill Lynch would write down an additional $15 billion in assets backed by home loans, a bigger loss than analysts expected.

Shares of Merrill rose 5.11 percent, or $2.66, to $54.69, as some investors concluded that the brokerage firm may finally have a handle on its exposure. But most analysts were at a loss to explain why financial shares performed relatively well on a day of triple-digit losses in the Dow.

American Express, the credit card company, said it would take a $275 million after-tax charge as it sets aside more money to cover bad loans.

Shares of American Express, a Dow component, plummeted $4.92, or 10 percent, to $44.

Investors took the setbacks as a sign that the financial sector was still reeling from the collapse in the subprime mortgage market. Investors have feared for months that ailing banks will pull back on issuing loans to businesses and consumers, slowing the gears of the nation’s economic engine.

Shares of Tiffany, the luxury retailer, fell 11.2 percent, or $4.52, to $35.80, after the company reduced its profit outlook.

Target, the discount retail chain, lost 3.1 percent, or $1.60, to $49.95, after reporting disappointing sales in December.

The gloomy news overshadowed Bank of America’s announcement that it would acquire Countrywide Financial for $4 billion, a surprising show of confidence in the troubled lending market. News of the deal lifted stocks on Thursday afternoon, but the Dow gave up all of those gains on Tiffany ROTATABLE COIN Pendant Friday.

Economic data released on Friday added to the grim mood, as record oil prices widened the United States trade deficit in November. The gap between what Americans import and export grew 9.3 percent, to $63.12 billion, the biggest deficit in 14 months, the Commerce Department said.

  After two years. That Tanchitanshui big Feimao Jaffe has returned. August 11 days, the audience will see on the screen that Shuaizhao big tail, small fat belly Tingzhao familiar with the cat video. Set in this film, apart from the same bully Bengou Garfield Otis, a much longer and will be met exactly the same as their British Royal Prince cats, and with the “Prince” to play a game as interchangeable. And the previous import-different, “Garfield 2″ and its translation version of the color lines rather profound spoken essence of the screening when the audience Jiananghouge.

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