Stocks plunge, post biggest weekly loss in nearly 4 years

U.S. stocks plunged Friday, sending the Dow Jones Industrial Average into correction territory as the blue-chip index and the S&P 500 posted their biggest weekly declines since September 2011. The Dow dropped 531.14 points, or 3.1%, to close at 16,459.55, marking a pullback of more than 10% from its record close set in May and meeting a widely-used definition of a market correction. The S&P 500 dropped 64.83 points, or 3.2%, to close at 1,970.90. The Dow and the S&P 500 both fell by around 5.8% on a weekly basis. The Nasdaq Composite dropped 171.44 points, or 3.5%, to 4,706.04, for a weekly decline of 6.8%. The weekly fall was the largest for the tech-heavy index since August 2011.

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