US equities plunge on recessionary fears

Sharp sell-off in equities amid rising concerns of US entering recession led major averages end Friday firmly negative. The Nasdaq dove 417.98 points or 2.4 percent to 16,776.16, the S&P 500 plunged 100.12 points or 1.8 percent to 5,346.56 and the Dow tumbled 610.71 points or 1.5 percent to 39,737.26. Reflecting the sell-off seen over the past two days, the major averages also moved sharply lower for the week. The Nasdaq plummeted by 3.4 percent ,while the S&P 500 and the Dow both slumped by 2.1 percent.