S&P 500, Nasdaq close out worst week since December on trade worries

Wall Street extended its sell-off on Friday on renewed trade fears as the benchmark S&P 500 index and Nasdaq saw their worst weekly percentage plunges since December, when investors were spooked by the prospect of a looming recession. The blue chip Dow and the S&P 500 hit their lowest levels since late June with S&P 500 and the Nasdaq registering their fifth consecutive days of losses. The sell-off wrapped up a tumultuous week, which saw the U.S. Federal Reserve cut interest rates for the first time since 2008 and a renewal of trade war fears following a tweet by U.S. President Donald Trump announcing plans to impose additional tariffs on $300 billion of Chinese imports on Sept 1.

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