- US stocks sank late Friday amid concerns about US trade policy.
- The 5.9% drop in the S&P 500 over the week was the worst in more than two years.
- Financial stocks were the worst performers on Friday.
- Follow the Dow Jones industrial average in real time.
US stocks sank in trading on Friday afternoon, pushing the S&P 500 to its biggest weekly decline in two years amid concerns about US trade policy and retaliation from China.
The Dow Jones industrial average fell 360 points, or 1.5%, to its lowest level since November 22. The S&P 500 fell 56 points, or 2.13%, while the Nasdaq fell 148 points, or 2.23%.
On Thursday, China announced planned to impose reciprocal tariffs on 128 US products that had an import value of about $US3 billion last year.
US President Donald Trump had earlier announced new tariffs on $US50 billion worth of Chinese goods, with the aim of reducing the $US375 billion trade deficit the US has with China.
The drop on Friday pushed the S&P 500 9% below its peak in late January, just short of the 10% threshold at which the index enters a correction.
Treasurys rose slightly, with the 10-year yield up by less than 1 basis point, at 2.823%.