The Dow Jones Industrial Average plunged 183.35 points (1.75 percent) to 10,281.05 at 1500 GMT.
The tech-heavy Nasdaq composite slid 44.40 points (2.04 percent) to 2,131.65 and the broad-market Standard & Poor's 500 retreated 22.52 points (2.03 percent) to 1,088.11.
"The Dubai debt debacle will dominate trading today, overshadowing news flowing out of the retail sector regarding Black Friday -- the first major barometer of holiday consumer spending," Briefing.com analysts said in a client note.
Wall Street was closed Thursday for the Thanksgiving Day holiday, when Asian and European markets tumbled on news that Dubai World, the city state's flagship conglomerate, is seeking a six-month moratorium on repayment of 59 billion dollars in debts.
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