The weekly loss was the biggest since the height of the GFC in November 2008, with the panic selling driven by concerns over the health of the US economy.
No sector was spared from today’s rout, although resource stocks bore the brunt of the selling.
BHP fell 4.8% whilst Rio Tinto dropped 6% on the back of yesterday’s disappointing profit result.
NAB and ANZ paced the losses among the big four, both shedding more than 3%.
A massive drop in crude prices hurt the energy majors. Woodside lost 5.3% and Santos slid 6%.
Tonight sees the release of the US non-farm payrolls report, with global markets likely to extend their losses if the numbers miss expectations.
The ASX 200 plummeted 171 points (-4%), settling at 4105.