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Dow drops more than 550 points as trade war fears rattle stocks

iStock/Thinkstock(NEW YORK) -- Stocks plunged on Friday with the Dow dropping more than 570 points over fears of a trade war between the U.S. and China.

The Dow Jones Industrial Average sunk 572.46 (-2.34 percent) to finish the session at 23,932.76.

The Nasdaq fell 161.44 (-2.28 percent) to close at 6,915.11, while the S&P 500 finished trading at 2,604.47, down 58.37 (-2.19 percent) for the day.

Crude oil prices slumped 2.5 percent to about $62 per barrel.

Trade:  China on Friday threatened to fight back "at any cost" after President Donald Trump proposed $100 billion in new tariffs. U.S. Treasury Secretary Steve Mnuchin said on CNBC that there's the "potential of a trade war" with China, but "our objective is still not to be in a trade war."

Facebook:  Shares of Facebook slipped 1.34 percent as it continues to battle its data privacy scandal. On Friday, the social media site announced new disclosure measures for political ads.

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