U.S. stocks fell sharply on Friday with the Dow Jones Industrial Average diving 572 points to 23,932 on fears of a possible trade war with China and rate hikes from the Federal Reserve.
Friday’s decline of 2.32 percent ended the Dow’s three-day winning streak. The blue-chip index is down 0.7 percent for the week. The Dow had lost 800 points at one point in the trading session.
The S&P 500 fell 2.19 percent to 2,604. The Nasdaq declined 2.28 percent to 6,915.
Treasury Secretary Steve Mnuchin told CNBC on Friday that there was a “potential” for a trade war with China, adding that he was “cautiously optimistic that we will be able to work this out.”
“Our objective is still not to be in a trade war with [China],” Mnuchin said.