Welcome to the forum!
What year is your Spectra? If it has traction control was the indicator on or flashing that happens when the traction control is active? Is the ABS light on or flashing?
Based on your description, it sounds like your brakes are being applied when they should not be. Considering the smoke that was coming from the front per your description, if this happens again it would be in your best interest to pull over as soon as you safely can. If you keep driving it this way you're likely to destroy many more parts than are the current issue.
-Rod