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Stocks fell sharply on Friday after weaker-than-expected datain China and Europe exacerbated concerns of a global economic slowdown.
The Dow Jones Industrial Average capsized 214.97 points to 24,382.41, led lower by declines in Walgreens and Johnson & Johnson.
The S&P 500 let go of 21.45 points to 2,629.09, as the tech and health care sectors lagged.
The NASDAQ dropped 68.88 points, or 1%, to 7,001.46
Shares of Apple fell 1.9% after influential analyst Ming-Chi Kuo, of TF International Securities, slashed his iPhone estimates by about 20%.
Johnson & Johnson, another Dow member, fell more than 3% after media reports that the company knew about asbestos in its baby powder for decades.
The uncertainty around the ongoing negotiations has kept investors on edge recently. Data from research service Lipper found that more than $46 billion were pulled out in a week from U.S. stock mutual funds and ETFs, the most ever.
China reported industrial output and retail sales growth numbers for November that missed expectations. This is the latest sign shown by China that its economy may be slowing down. The data also underscored the rising risks to China’s economy as Beijing works to resolve an ongoing trade war with the U.S.
Prices for the benchmark for the 10-year U.S. Treasury were higher, lowering yields 2.90% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions
Oil prices slid 28 cents to $52.30 U.S. a barrel.
Gold prices slumped $8.40 to $1,239 U.S. an ounce.
