US stocks sank late Friday amid concerns about US trade policy.

The 5.9% drop in the S&P 500 over the week was the worst in more than two years.

Financial stocks were the worst performers on Friday.

Follow the Dow Jones industrial average in real time.

US stocks sank in trading on Friday afternoon, pushing the S&P 500 to its biggest weekly decline in two years amid concerns about US trade policy and retaliation from China.

The Dow Jones industrial average fell 360 points, or 1.5%, to its lowest level since November 22. The S&P 500 fell 56 points, or 2.13%, while the Nasdaq fell 148 points, or 2.23%.

On Thursday, China announced planned to impose reciprocal tariffs on 128 US products that had an import value of about $3 billion last year.

US President Donald Trump had earlier announced new tariffs on $50 billion worth of Chinese goods, with the aim of reducing the $375 billion trade deficit the US has with China.

The financials sector was the biggest loser among the 11 on the S&P 500. On the Dow, Boeing and Nike were the only stocks in positive territory.

The drop on Friday pushed the S&P 500 9% below its peak in late January, just short of the 10% threshold at which the index enters a correction.

Meanwhile, Dropbox soared during its trading debut. Shares of the cloud-computing company gained by as much as 44% in trading amid the broader market's weakness.

Treasurys rose slightly, with the 10-year yield up by less than 1 basis point, at 2.823%.