Stocks take a big slide

NEW YORK (CNNMoney.com) -- Stocks tumbled Friday, more than erasing the previous session's gains, as investors dumped a variety of shares at the end of a rough week and choppy month on Wall Street.

Bond prices rallied, sending yields lower, in a classic flight-to-quality. The dollar was mixed versus other major currencies. Oil and gold prices fell.

The Dow Jones industrial average (INDU) lost nearly 250 points, or 2.5% to close at 9,712.73. The Dow lost as much as 278 points earlier. It was the Dow's biggest one-day selloff on a point basis since April 20.

The S&P 500 (SPX) index fell 30 points, or 2.8% to close at 1036.18 and the Nasdaq composite (COMP) shed 52 points, or 2.5% to close at 2045.11.

The selloff was broad based, with all 30 Dow components declining. Energy prices and stocks were hit hard as the dollar turned mixed and the financial sector erased the 4% gain it accrued Thursday.

"We might finally be seeing the 5% to 15% correction that many people have been calling for since the summer," said Ron Kiddoo, chief investment officer at Cozad Asset Management.

Since peaking on Oct. 19, the S&P 500 has lost 5.6% as of Friday.

"I think the run has just gotten tired," he said. "A lot of people who wanted to get in over the last two months have done that, so maybe we need to sell off more to get more people back in."