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Stocks fell sharply on Friday after weaker-than-expected data in China and Europe exacerbated concerns of a global economic slowdown.
The Dow Jones Industrial Average tumbled 349.61 points, or 1.4%, to 24,247.77, led lower by declines in Apple and Johnson & Johnson.
The S&P 500 slid 29.38 points, or 1.1%, to 2,621.16, as the consumer staples and health-care sectors lagged.
The NASDAQ dropped 62.67 points to 7,007.66
Shares of Apple fell 1.9% after analysts with TF International Securities, slashed his iPhone shipment estimates by 20%.
Johnson & Johnson, another Dow member, fell more than 3% after media reports the company knew for decades about asbestos in its baby powder.
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 2.89% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions
Oil prices slid $1.04 to $51.54 U.S. a barrel.
Gold prices slumped $4.20 to $1,243.20 U.S. an ounce.
