Stocks dropped on Friday as investors worried global economic growth could slow down following the Federal Reserve's cautious outlook from earlier in the week.
The Dow Jones Industrial Average plummeted 397.02 points, or 1.5%, to steer into noon at 25,565.49, as bank stocks fell on an inverted yield curve, which some investors see as a signal of a recession coming.
The S&P 500 dumped 54.17 points, or 1.9%, to 2,800.71, and headed for its worst day since Jan. 22.
The NASDAQ Composite dropped 196.29 points, or 2.5%, to 7,642.67
Despite the decline on Friday, stocks are still up sharply for the year. The S&P 500 have climbed 12% and NASDAQ has improved 15%. The Dow, meanwhile, has rallied nearly 10%.
Bank shares led the decline. Citigroup fell more than 4%. Goldman Sachs, Morgan Stanley, J.P. Morgan Chase and Bank of America all declined at least 2.4%.
Nike shares also pressured stocks. The athletic apparel company's stock fell 5.6% on the back of weak quarterly sales growth in North America.
Boeing shares also dropped 1.6% after Indonesian airline Garuda canceled a $6-billion order for 49 Boeing 737 Max jets.
Prices for the benchmark 10-year U.S. Treasury spiked, weighing yields to 2.44% from Thursday’s 2.54%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.05 to $58.93 U.S. a barrel.
Gold prices added $5.80 to $1,313.10 U.S. an ounce.
