Dow plunges more than 550 points as week ends

S&P 500 eyes best three-day gain since Trump's election

On trade, The Trump administration plans to release a package of proposed punitive measures aimed at China that include tariffs on imports worth at least $30 billion.

The Dow Jones industrial average fell 574 points, closing back in correction.

In Europe, the Stoxx Europe 600 Index fell 0.4 per cent, paring a weekly gain to 1.1 per cent, while The MSCI All-Country World Index fell 1.2 per cent. The Nasdaq composite dropped 139 points, or 2 percent, to 6,937.

US stocks dropped about 2 percent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China.

Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike".

"The market is getting more concerned about the possibility of a trade war between the United States and China", said Tom Cahill, portfolio strategist at Ventura Wealth Management. Optimism about the world economy has helped many tech companies make huge gains in the a year ago. It's down 1.3 percent for the week. Heating oil lost 2 cents to $1.96 a gallon.

Trump said the market turmoil was short-term "pain", but insisted the outcome would leave the U.S.in a better position. ProShares S&P 500 Ex-Energy ETF has a 1 year low of $44.29 and a 1 year high of $59.30. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The economy saw the addition 103,000 nonfarm jobs as the unemployment rate held at 4.1%, its lowest since 2000. Oil prices fell nearly 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy. JPMorgan Chase fell $3.23, or 2.9 percent, to $108.65 and BB&T lost $1.89, or 3.6 percent, to $51.

Around two-thirds of the time, the descending triangle patterns result in lower prices. The lower yields mean banks can't make as much money from lending, and that sent bank stocks lower. Silver edged up 1 cent to $16.36 an ounce.

The dollar fell to 106.86 yen from 107.12 yen.

OVERSEAS: Germany's DAX was down 0.5 per cent while France's CAC-40 fell 0.3 per cent lower.

For the week, the Dow lost 170 points, or 0.7%, to 23,932.76. This represents a $0.71 dividend on an annualized basis and a dividend yield of 1.29%.

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