An index of global stock markets fell, while short-term U.S Treasury yields rose on Friday, after Federal Reserve Chairperson Jerome Powell said the U.S. economy will need a tight monetary policy for some time before inflation is under control. The dollar fluctuated to turn positive till the week's end.

The Dow Jones Industrial Average fell 1,008 points, or 3.03 percent to close at 32,283, the S&P 500  lost 141 points, or 3.37 percent, to finish at 4,058 and the Nasdaq Composite dropped 498 points, or 3.94 percent, to end the session at 12,142.