U.S. stocks are falling as recession fears and global selling take them to new yearly lows.

Shares were on track for their fifth straight day of declines and their worst weekly losses since 2008.

Finance ministers from of the world's leading economies pledged early Friday to take whatever steps are necessary to calm the markets. The statement did little to stem the selling.

Markets and Asia and Europe fell early Friday. Moody's downgraded eight Greek banks over rising concerns about a possible Greek default. That would threaten banks that hold billions in Greek debt.

At 9:35 a.m. Eastern time, the S&P 500 was down 3 points, or 0.2 percent, at 1,127. The Dow was down 36, or 0.3 percent, at 10,698. The Nasdaq was down 2, or 0.1 percent, at 2,454.