Dow hits correction for first time since 2011

Dow falls 500 points
Dow enters correction territory
S&P 500 gives up YTD gains

The Dow Jones industrial average closed in correction territory Friday amid global growth concerns and continued selling in the oil market.

With a drop of 530 points, the blue chip index was more than 10 percent below its 52-week high (also an all-time intraday high) of 18,351.36. The index reached the mark May 19.

Read MoreDow hits correction territory as growth concerns weigh; Apple falls 5.5%

It was the first full 10 percent correction for the Dow since 2011. The battering brought the Dow down 1,017 points this week, its worst week since September 2011.

The drop marked the first loss of more than 500 points since August 2011. The index has only shed that much three times in the past five years.

Apple led the Dow decline, dropping nearly 6 percent and entering bear market territory. Microsoft and Nike followed closely with losses of 5.7 and 4.8 percent, respectively.

Read MoreApple enters bear territory; tech stocks crushed

Apple has spiraled down more than 18 percent since May 20. At its close Friday, the stock was down more than 21 percent from its 52-week high on April 28.

Major oil companies have contributed to that downturn this year amid a steep drop in crude prices. Chevron and Exxon Mobil have shed more than 26 percent and 15 percent in that span, respectively.

DuPont has also lost more than 22 percent since that date, while Intel has plunged nearly 20 percent.