Stocks and most exchange-traded funds ended the week with a big selloff following declines on the European exchanges and a weakening euro, as well as disappointing earnings from retailers.

On Friday, the Dow Jones Industrial Average dropped 163 points to 10620. The S&P 500 had shed 22 points to close at 1136, and the Nasdaq was off 48 points at 2347.

The week s losses were widespread. Energy, materials, capital goods and tech companies were hit particularly hard. Financials also posted significant losses. On Friday, Visa s stock dropped 10% on the news that the Senate agreed to amend the latest financial services reform legislation to limit interchange fees.

Economic data from Europe sent the euro to a 17-month low. Core inflation in Spain turned negative for the first time in 24 years, raising questions about the country's ability to climb out of its massive debt hole. Some analysts questioned whether austerity measures announced this week in Spain and Portugal could lead to civil strife, as it has it in Greece.

Major European exchanges finished down on Friday. London s FTSE was down 3.1%, the German DAX shed 3.1% and France's CAC 40 was off 4.6%.

Commerce Department data on retail sales improved for April, but several retailers reported earnings on Friday that disappointed investors. Nordstrom slid after its profit missed analysts estimates, while J.C. Penney also slipped 2.2%. Although the Plano, Texas-based department store s first-quarter earnings rose, its second-quarter and full-year outlook disappointed analysts. Dillard's shares rose after its first-quarter profit increased, thanks to cost-cutting at the department-store operator.

The dollar strengthened against the euro, which briefly slipped to $1.2358, its weakest since October 2008. Investors also swarmed to gold and Treasurys. The 10-year note rose, pushing yield down by 0.132 percentage points to 3.435%. Meanwhile, crude-oil prices slid below $74 a barrel.

U.S. stocks lost ground Thursday on reports of widening legal probes of banks, disappointing traffic from individual retailers and still-elevated jobless claims. The Dow Jones Industrial Average, down six of the last eight sessions, dropped 113 points, the S&P 500 fell 14 points and the Nasdaq Composite fell 30 points.

The Commerce Department said retail sales rose 0.4% in April, better than the 0.1% decline expected by economists surveyed by Dow Jones Newswires. However, some of that demand may have been driven by the government's home buyer tax credit, which expired at the end of last month. Building material and garden supply store sales posted the largest gain of any category in April.

For a detailed rundown on Friday s trading session see our market story.

Winners

The S&P 500 VIX Short-Term Futures Index fund picked up a healthy 9.3% on the week's wild market swings. Metals drew plenty of investor interest during the week, with the Market Vectors Gold Miners fund rising 7.4% and the iShares Silver Trust fund increasing 3.8% for the week.

Losers

The United States Oil fund dropped 6.6% for the week as the dollar strengthened and pushed down crude prices. The Vanguard European Stock Index fund shed 5.0% on regional turmoil.

This Week s Industry News

Data Point

U.S. exchange-traded fund assets under management totaled approximately $830 billion as of April 30, according to State Street. That was up $23.3 billion, a 2.9% gain for the month. The report also said there are now 888 funds managed by 31 managers.

Launching Pad

Russell Investments filed a request with the Securities and Exchange Commission to list 11 passively managed ETFs based on its indexes. The funds would be the first ETFs offered by the Tacoma, Wash., company. The slate of funds includes three broad offerings based on its Russell Global 1000, Global 2000 and Global 3000 indexes. The company also aims to offer a pair of large-cap funds, one focused on developed markets excluding the U.S., the other on emerging markets. The funds based on the Russell Global 1000 index are: The Russell Global 1000 fund, the Russell Global 1000 Growth fund and Russell Global 1000 Value fund. Those based on the Russell Global 2000 benchmark are: The Russell Global 2000 fund, Russell Global 2000 Growth fund and the Russell Global 2000 Value fund. The funds designed around the Russell Global 3000 index are the Russell Global 3000 fund, the Russell Global 3000 Growth fund and the Russell Global 3000 Value fund. The two large-cap funds are the Russell Developed ex-U.S. Large Cap fund and the Russell Emerging Markets Large Cap fund.

U.S. One Trust, a unit of Reno, Nev.-based investment adviser U.S. One, plans to launch a fund of exchange-traded funds that will create global exposure and benchmark its performance to the S&P 500. It will invest in ETFs that track large-, mid- and small-capitalization companies in the U.S., Europe and Asia. The company said its fund would not place limits on investments in ETFs focused on foreign securities, according to its filing with the Securities and Exchange Commission. It will charge an annual fee of 0.51%.

State Street on Thursday launched its SPDR Nuveen Barclays Capital Build America Bond fund. The fund tracks the Barclays Capital Build America Bond Index, an 85-issue index of taxable bonds whose interest is subsidized by the United States Treasury under the American Recovery and Reinvestment Act of 2009. Its annual expense ratio is 0.35%.