The ASX slides

Manan Vatsyayana/AFP/Getty Images

Australian stocks went on a steep slide slide.

The local market followed Wall Street where the S&P500 closed down 2.1% on Friday.

The ASX200 fell below the key 5800 mark. At the close, it was at 5,790.50, down 30.20 points or 0.52%.

The big four banks were the main weight on the market.

The Commonwealth was down 1% to $72.02 and the ANZ 0.6% to $27.52.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.