The Dow just had its worst week since the 2008 financial crisis

The Dow Jones Industrial Average fell another 416 points Friday, capping off a total loss of 1,600 points this week. It's officially the Dow's biggest weekly percentage drop since the 2008 financial crisis, CNBC notes.

The Nasdaq Composite dropped 2.99 percent on Friday, down 22 percent from an August peak. That leaves the Nasdaq officially in a bear market, per The New York Times. It's largely propelled by losses from Amazon, Facebook, and Apple, seeing as the Nasdaq is full of tech stocks.

Also on Friday, the S&P 500 dropped 2 percent and is down 17.7 percent from its high in August. "Both the Dow and the S&P 500 are now in the red for 2018 by at least 9 percent," CNBC says. If projections hold, this will be the Dow and S&P's worst December since the Great Depression. Stocks usually rally as the holidays approach, but the Federal Reserve's decision to increase interest rates earlier in the week sparked selloffs.

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