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The Dow Jones fell by more than 300 points on Friday after former U.S. national security adviser Michael Flynn was charged for lying to the FBI about his communications with Russia.

Related: Michael Flynn pleads guilty to lying to FBI

A document filed in federal court Thursday lists a number of false statements that Flynn is accused of making regarding his interactions with Russian ambassador Sergey Kislyak in late December 2016.

Flynn released a statement that said, "My guilty plea and agreement to cooperate with the Special Counsel's Office reflect a decision I made in the best interests of my family and of our country. I accept full responsibility for my actions."

"Markets don't like uncertainty and this is the ultimate uncertainty," Jeremy Klein, chief market strategist at FBN Securities, told CNBC.

Friday's losses diminished what had otherwise been a strong week for the stock market. Investor confidence had soared on Thursday, powering the Dow Jones Industrial Average past a new 24,000-point milestone on the likely passage of the Trump administration's tax reform bill. That legislation has since stalled in the Senate.