The signature market turbulence of the past several weeks resumed Friday as stocks bobbed up and down before sliding deep into losses by the end of trading.

U.S. stocks rebounded briefly after comments by a Federal Reserve official eased investor worries that the central bank was locked into raising rates in 2019. But an hour later, the Dow had given most of that up.

Then the political gridlock in Washington put the market in a downward spiral, as President Donald Trump held fast on his demands for more border security funding and Democrats resisted, and the government moved closer to a shutdown.

The Dow Jones industrial average lost 414 points, or 1.8 percent, and closed at 22,445. The Standard & Poor’s 500-stock index fell 2.1 percent. And the tech-laden Nasdaq was off 3 percent.

The so-called FAANG stocks were again wreaking havoc on the Nasdaq. Google parent Alphabet was down 3 percent, Amazon down nearly 5 percent, Facebook down more than 5 percent, Netflix nearly 5 percent and Apple was in the red less than 2 percent.

“Technology is part of the same story as the overall market,” said Scott Wren, global equity strategist at the Wells Fargo Investment Institute. “The market is fearing a global slowdown and is still worried about the Fed, even though they dragged (New York Federal Reserve President John) Williams out to try to cushion what Chairman (Jerome) Powell said on Wednesday.

“Technology has been in the headlines with regulation and privacy concerns,” Wren said. “And we have technology companies that led on the way up, so it makes some sense that people are taking some money out of their winners.”

In the morning, the Dow had jumped nearly 400 points after Williams told CNBC that the Fed would pay close attention to the economy as it considered raising rates in the future.

“We are listening. There are risks to that outlook that maybe the economy will slow further,” Williams told Steve Liesman on CNBC’s “Squawk on the Street.”

Investors initially liked Williams’ comments. The Dow was up more than 1 percent, a brief respite to a week that put markets on pace for one of the worst months and quarters in recent memory. The Dow also got help from athletic wear giant Nike, which crushed earnings expectations.

By early afternoon, the Dow and Standard & Poor’s 500 and the tech-heavy Nasdaq had all turned negative.

Fragile markets continue to react to a flood of news, from rate increases to plunging oil prices to an impending U.S. government shutdown.

“It’s wearing, to say the least, and certainly not good for investor confidence,” said Ed Yardeni, president of Yardeni Research. “The market volatility is being driven by computer algorithm trading programs that instantly buy or sell everything, depending on the news they are getting fed. There’s too much news.”

Asian and European markets were mostly down Friday, still reeling from the effect of Wednesday’s U.S. Federal Reserve announcement it was lowering its 2019 growth forecast.

The Dow and the S&P 500 stock indexes are on pace for their worst month since 2009. All three indexes are headed for their worst annual drop in a decade.

The Dow has fallen 10 percent from its September peak, wiping out all gains for the year.

Although it has pulled out of correction territory for the year, the Dow is still down nearly 8 percent this year. The S&P is down more than 8 percent in 2018. And the Nasdaq is nearing a bear market, which is a 20 percent decline off its recent high.