New York (CNN Business) The Dow just suffered its deepest weekly plunge since 2008 and the Nasdaq is officially in a bear market.

The miserable performance reflects deepening fears on Wall Street of an economic slowdown and overly-aggressive Federal Reserve.

The Dow closed 414 points, or 1.8%, lower on Friday. The Nasdaq plummeted 3%, closing in its first bear market since the Great Recession. And the S&P 500 shed 2.1%.

Technology stocks fell Friday on continued negative sentiment about the US-China trade relationship, regulation and a general adversity to risk. Facebook ( FB ) slumped 6%, Apple ( AAPL ) declined 4%, Twitter ( TWTR ) lost 7% and Netflix ( NFLX ) fell 5%.

For the week, the Dow lost 1,655 points, or 6.9%. That's the steepest weekly percentage loss since October 2008. The Nasdaq plunged 8.4% on the week, its worst since November 2008. And the S&P 500's 7.1% weekly loss was the worst since August 2011.

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