Investing.com – The Dow closed lower for the second-straight week on Friday, as fears over slowing global growth triggered a steep selloff across stocks on Wall Street.
A sea of red washed over Wall Street, as weak industrial output and retail sales from China and subdued eurozone growth data flagged concerns about global growth, prompting traders to abandon stocks.
The selloff was led by health care on the back of slump in the shares of Johnson & Johnson (NYSE:JNJ).
Johnson & Johnson fell more than 10% after Reuters reported the company knew for decades that its talcum baby powder contained asbestos, something the company denied.
Apple (NASDAQ:AAPL), meanwhile, weighed on tech as analysts continued to warn about weaker iPhone sales, sending its share price more than 3% lower.
TF International Securities analyst Ming-Chi Kuo cut his estimate for first quarter 2019 by 20% to a range of 38 million to 42 million units.
Ahead of the Federal Reserve meeting next week, investors continued to abandon bank stocks, pressuring financials, which have fallen about 10% so far this month.