Investing.com -- Stocks on the U.S. equities markets took a nosedive on Friday, posting one of their sharpest daily losses of the year as Chinese regulators roiled global markets by cracking down on margin trading and loosening regulations on short selling.
The Dow Jones Industrial Average plunged more than 275 points on the session to retreat to 17,826.30, nearly erasing all of its gains for the year. The NASDAQ Composite index and the S&P 500 Composite index also fell by more than 1% for the session, as lags in the Technology and Industrial sectors sent stocks crashing lower.
All 10 sectors on the S&P 500 closed in the red, as it fell 23.81 or 1.13% to 2,081.18. The NASDAQ also lost 75.97 or 1.52% to 4,931.82, as Apple Inc (NASDAQ:AAPL) dragged on large-cap stocks.
Continuing tension between Greece and its euro zone creditors also spooked global markets. The Stoxx Europe 600 index and the German Dax index moved broadly lower, as investors sought safety in government bonds. As a result, yields on Germany 10-Year bunds fell to a record-low at 0.051% before rebounding slightly to 0.08%.
Although General Electric Company (NYSE:GE) finished the session as the top performer on the Dow, it still finished in the red after dropping 0.04 or 0.15% to 27.24. The worst performer was American Express Company (NYSE:AXP), which fell 3.56 or 4.40% to 77.35 after the multinational credit card and financial services company reported poor first quarter earnings tamped down by a strong dollar.
The biggest gainer on the NASDAQ was Mattel Inc (NASDAQ:MAT), which gained 1.47 or 5.82% to 26.74, continuing its rally from earlier this week after posting stronger than expected earnings. Mylan Inc . (NASDAQ:MYL) also rose 3.04 or 4.54% to 69.87 after the Pennsylvania-based pharmaceutical denied a possible merger with Teva Pharma Industries Ltd (ARCA:TEVA). The worst performer, meanwhile, was VimpelCom (NASDAQ:VIP) which fell 0.27 or 4.54% to 5.90.
Mattel was also the top performer on the S&P 500, ahead of Mylan and Southwestern Energy Company (NYSE:SWN), which gained 0.76 or 2.88% to 27.16. The worst performer was Time Warner Cable Inc. (NYSE:TWC), which fell 8.59 or 5.43% to 149.61.
Bristol Myers-Squibb Co. also moved higher, amid an announcement Friday that it is ending its large study on Opdivo after the drug proved to be effective in treating lung cancer. The New York-based pharmaceutical company rose 1.67 or 2.62% to 65.35.