Dow Drops More Than 500 Points, Erasing Gains for The Year

A weaker than expected jobs number and continued trade tensions between the U.S and China facilitated a 558.72 point to 24,388.95 drop in the Dow on Friday, erasing its gains for the year. A far cry from its 8% gain at one point during the year.

The S & P 500 also dropped 2.3 percent to 2,633.08, erasing all yearly gains and turning negative for the year. The Nasdaq was down 3.05 percent to close at 6,969.25. Facebook, Amazon, Netflix and Google-parent Alphabet all traded in the red.

Apple's stock also fell 3.6 percent — erasing its gains for the year — after Morgan Stanley cut its price target on the tech giant's shares, citing weakening iPhone sales.

The U.S. economy added 155,000 jobs last month. Economists polled by Dow Jones expected a gain of 198,000 jobs. Wage growth also missed estimates.

But investors were torn about the data as it could signal fewer rate hikes from the Federal Reserve down the road.

"The report was solid, not great, but it is still enough to keep the pace on track," said Kate Warne, investment strategist at Edward Jones. She added, however, that volatility will persist as "investors are not sure about how much growth is slowing and are worried about U.S-China trade relations."