U.S. stocks fell sharply on Friday with the Dow Jones Industrial Average diving 572 points to 23,932 on fears of a possible trade war with China and rate hikes from the Federal Reserve.

Friday's decline of 2.32 percent ended the Dow's three-day winning streak. The blue chip index is down 0.7 percent for the week. The Dow had lost 800 points at one point in the trading session.