VIEW ONLINE The Dow drops more than 175 points and oil hits its lowest level in more than a year
- Stocks fell Friday amid concerns about ongoing trade tensions and economic growth.
- Oil hit its lowest level since late 2017 ahead of an OPEC meeting December 6.
- Trading volume was light because of the Thanksgiving holiday.
Stocks fell Friday as Wall Street worried about ongoing trade tensions and the prospect of slowing economic growth around the world, with technology shares continuing to slip and oil prices hitting their lowest levels in more than a year.
The Dow Jones Industrial Average slid 0.73%, or more than 175 points, and the S&P 500 shed 0.65%. The Nasdaq Composite fell 0.48%. Friday's close marked the worst Thanksgiving week for US stocks since 2011. Retail shares found some relief, however, with the SPDR S&P Retail ETF up 0.29%.
Trade-sensitive stocks were lower, with Boeing down 1.5% and Caterpillar off by 1.2%. President Donald Trump is expected to meet with Chinese President Xi Jinping at a summit in Argentina on November 30 and December 1, with proposed tariff escalations on the line.
"The overall market mood remains cautious with investors on guard, and this sentiment continues to be reflected across global equity markets," said Lukman Otunuga, a research analyst at FXTM. "With a strong sense of anticipation mounting ahead of the G20 summit next week, Wall Street may trade lower as investors stroll to the side lines."
Oil plummeted deeper into bear-market territory, hitting its lowest level in more than a year Friday as investors fretted over the prospect of oversupply and dampened demand. West Texas Intermediate was just below $51 a barrel, and Brent slid below $60 a barrel. Energy stocks, including Chevron (-3.2%) and ExxonMobil (-2.6%), sank on the back of the decline.
Crude prices have shed more than 20% since the beginning of November, when the Trump administration announced exceptions to oil sanctions against Iran. Investors are awaiting a meeting between the OPEC cartel of oil producers and other major producers led by Russia on December 6, where OPEC will decide whether to cut coordinated output levels.
Treasury yields fell as investors moved toward the relative safety of US government bonds, with the 10-year yield down 2.6 basis points to 3.035%. The dollar, meanwhile, jumped 0.34% against a basket of peers. Read » | | | | | Advertisement | |  | |  | | | | | We have updated our Privacy Policy to reflect global privacy standards. We encourage you to read the updated policy in full. By continuing to use our sites, services and apps, you agree to these updated terms. If you would like to opt-out from receiving emails, please click Unsubscribe here . 
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