Stocks Ended Sharply Lower on Trade-war Worries

U.S. stocks ended sharply lower on Friday, as investors shied away from equities amid rising worries over a potential global trade war. The Dow Jones Industrial Average fell 424.69 points, or 1.77%, to 23,533.20. The S&P 500 lost 55.43 points, or 2.10%, to 2,588.26. The Nasdaq Composite dropped 174.01 points, or 2.43%, to 6,992.67. For the week, the Dow lost 5.7%, the S&P 500 declined nearly 6% and the Nasdaq lost 6.5%.

Oil futures finished at an eight-week high Friday, as the growing risk of renewed sanctions on Iran and the possibility of an extension of OPEC production curbs into 2019 help prices notch their largest weekly gain since July. May West Texas Intermediate crude rose $1.58, or 2.5%, to settle at $65.88 a barrel. May Brent crude climbed $1.54, or 2.2%, to $70.45 a barrel.

Dropbox Inc’s shares soared by as much as 50 percent in their first day of trading on Friday. The stock opened at $29 on the Nasdaq and shot up to as high as $31.60 in early trading. At the stock’s opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had in its last private funding round.