Dow plunges more than 550 points as week ends

(CNBC) Stocks fell sharply on Friday as worries of a trade war brewing between the U.S. and China grew. Wall Street also digested disappointing employment data.

The Dow Jones industrial average fell 574 points, closing back in correction. Boeing and Caterpillar were the biggest decliners in the 30-stock index. The S&P 500 declined 2.2 percent, with industrials as the worst-performing sector. The Nasdaq composite dropped 2.1 percent.

The sell-off accelerated in the final two hours of trading after Fed Chief Jerome Powell indicated the central bank would continue hiking rates this year. Some traders were hoping the Fed Chief would acknowledge the recent market volatility caused by the trade dispute.

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