(CBS) — Stocks plunged on Wall Street Friday as soft economic data and global growth concerns put traders in a selling mood.

The Dow Jones industrial average lost 163, the S&P 500 dropped 22 and the NASDAQ shed 58 points, settling to 5,088.

“We got some pretty disappointing news from China on the manufacturing front, and I think the market continues to dwell on this concern that the global economy appears to be slowing,” says Jack Ablin, Chief Investment Officer at BMO Private Bank.

He adds European and Japanese stocks are the best value in equities right now.