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Stocks fall into correction territory

NEW YORK, NY - DECEMBER 14: Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE), December 14, 2018 in New York City
Photo: Drew Angerer/Getty Images

The Dow Jones Industrial Average closed 497 points lower on Friday, or 2.02%, while the S&P 500 fell 1.9% and Nasdaq Composite dropped nearly 2.3%. All three are now in correction territory.

Downward drivers: Johnson & Johnson, the biggest decliner in both the Dow and S&P 500, had its worst day in over 15 years after a Reuters report said the company knew its baby powder "was sometimes tainted with carcinogenic asbestos." Disappointing economic data in China also fueled the sell-off.

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