Dow closes 550 points lower, wiping out gains for the year

Stocks dropped sharply Friday, concluding a wild week on Wall Street. A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Average lower by 558 points and erased its gains for the year.

The S&P 500 pulled back 2.3 percent and also turned negative for the year once again. The Nasdaq dropped 3 percent. Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google parent Alphabet all traded lower. Apple's stock also fell 3.6 percent, erasing its gains for the year, after Morgan Stanley cut its price target on the tech giant's shares, citing weakening iPhone sales.

For the week, the major indexes all dropped more than 4 percent. Thursday's session included a violent drop of nearly 800 points, followed by a strong rebound from those levels.

Indexes fell to their lows of the day after the Wall Street Journal reported federal prosecutors are expected to bring charges against Chinese hackers. The hackers are linked to the Chinese government and were allegedly trying to break into technology service providers in the U.S.

https://www.msn.com/en-us/money/markets/dow-closes-550-points-lower-wiping-out-gains-for-the-year/ar-BBQCAEq?li=BBnbfcN

Guess that happens when the bankruptcy king runs your economy.