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The CBOE Volatility Index, widely considered the best gauge of fear in the market, closed above 25.
For the week, the Dow tumbled 3.52 percent, the S&P 500 declined 4.30 percent, and the Nasdaq plunged 5.28 percent. JPMorgan was the biggest laggard on the Dow for the week, while Wal-Mart rallied.
All 10 S&P sectors finished in negative territory for the week, led by financials and materials.
"Facebook has a long way to go in terms of creating value," said Manual Henriquez, CEO of Hercules Technology Growth Capital. "Facebook's in a process of monetizing those mobile users, something that hasn't really happened yet in the industry, and it's a revolutionary thing they're about to do so there's a really good future there for the valuation for that company to run further."
However, shares of other social media companies including LinkedIn , Yelp , Zynga and Groupon ended sharply lower.
Meanwhile, Pivotal Research Group initiated coverage of Facebook with a "sell" rating and set a price target of $30 on the stock
Nasdaq shares were dented amid buzz among traders over possible technical issues at the exchange earlier, causing Facebook's trading to be delayed by almost 30-minutes. Nasdaq later confirmed that all systems were back to operating normally and all trading reports have been delivered.
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