Dow drops more than 650 points, logs worst week in two years

The Dow Jones Industrial Average dropped more than 500 points, with all 11 of the major S&P sectors in the red, led by the energy index's 3.8-per-cent fall. Strength in the labor market caused a selloff in the USA government bond market. and that has pushed up the yield on the 10-year Treasury note above 2.85%, its highest level since January 2014, or four years ago. The 10-year Treasury yield popped above 2.85 percent for the first time since January 2014. But they anxious investors, who are concerned that the combination of higher wages, a tighter labor market and an uptick in inflation may push the Federal Reserve to raise its benchmark interest rate at its next meeting in March. It sets the stage to make credit cards, vehicle loans and mortgages more expensive.

In New York, the Dow Jones industrial average shed 665.75 points to 25,520.96.

Canada's main stock index dropped 3.9 per cent this week, plummeting more than 200 points today in a broad-based decline.

The catalyst for Friday's fall appeared to be a government report that showed the strong USA economy might finally be translating into rising wages for US workers.

The S&P 500 tumbled 59.8 points, falling 2.12% to 2,762.13, while the Nasdaq closed 144.91 points lower at 7,240.9, down 1.96%.

Despite the warning signals flashing for global stock markets, economists said the drop in equity prices may be a short-term trend if the world economy can continue to expand without generating too much inflation and if central banks do not hike interest rates more than anticipated.

On Jan. 14, he quoted in two tweets a Fox Business Network contributor who said the "most explosive Stock Market rally that we've seen in modern times". Schlesinger called the fear that the economy is growing faster than expected the "real factor" that seemed to spook the market.

Eagles coach Doug Pederson recounts 2000 win against Belichick and Patriots
Backup defensive tackle Beau Allen played almost as much (41 percent of defensive snaps) as starter Tim Jernigan (48 percent). The Eagles anticipatea chess match with Brady. "The kids would just be like, 'Was that real?' " Walsh said.

"Everyone has to remember we had a very over-extended market", Mr O'Hare said. "They're normal. Stock prices can't keep rising at these levels".

While earnings overall have been strong, some big companies have posted disappointing results. Both companies released quarterly results that missed expectations. Chevron gave up $3.37 to $122.20. The e-commerce giant rose 2.9 per cent after its fourth-quarter profit increased by more than $1 billion. Amazon shares gained $62 to $1,452.

USA crude fell $1.02 to $64.78 per barrel and Brent fell $1.34 to $68.31.

The S&P 500 and Nasdaq also sunk Friday by 1.4 percent and 1.2 percent respectively.

The stronger picture for economic growth in the U.S. also triggered a rally for the dollar on worldwide exchanges, with the pound falling by about 1% against the American currency. Germany's DAX slid 1.7 per cent, while France's CAC 40 lost 1.6 per cent. Silver dropped 45 cents to $16.71 an ounce.

The dollar index, tracking the unit against a basket of major currencies, rose 0.72 per cent, with the euro down 0.64 per cent to $1.2428.

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