Several giant US companies dropped after reporting weak earnings, including Exxon Mobil and Alphabet. 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. The yields on 30-year bonds rose to 3% for the first time since May.
The Bloomberg Dollar Spot Index gained 0.8 percent, the largest rise in more than 10 weeks.
With a strong jobs report, the market has turned its attention to the number of possible Federal Reserve (Fed) rate hikes in 2018.
"However, with the economy close to full employment, increased pressure on wages looks an inevitable outcome, so, higher inflation is surely on the cards, with taller interest rates set to arrive over the coming months", he added. The stock market has smashed one record after another, gaining $8 trillion in value.
The last such drop was more than seven months ago when it lost about 269 points on May 17, 2017. The 3 percent yield is looked at as a key threshold that can drive investors out of equities and into bonds.
This morning's 1.2% decline in the US Dow Jones Industrial Average was led by a 5.2% decline in Exxon Mobil, which disappointed both on earnings and production.
In Europe, the FTSE 100 recorded its worst week since April past year when Theresa May called the snap election, dropping by 47 points to 7,443, while Germany's Dax fell 1.7%.
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The Russell 2000 index of smaller-company stocks gave up 32.59 points, or 2.1 percent, to 1,547.27.
This week's market pullback has come even as USA economic data continues to reflect strong growth.
JOBS DATA: U.S. employers added a robust 200,000 jobs in January, slightly above market expectations for a 185,000 increase.
The market drop came on a day when reports on increasing wages and tightening labor markets sent fears that interest rates will rise. Stocks kicked off the year trading sharply higher, as investors cheered strong global economic growth and better-than-expected corporate earnings.
The news might fall into that odd category of "good news is bad news", as it might pave the way for the Federal Reserve to increase interest rates sooner than it might otherwise have done.
"A clear sign that confidence was restored by the jobs report was the fact United States 10-year Treasuries hit a four-year high immediately after it was released".
BOND YIELDS: Bond prices declined again Friday, sending yields higher.
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"Wages are now growing 2.9% YoY (the fastest rate of growth since 2009) with last month's figure revised up to 2.7% from 2.5%". The yield on 10-year Treasury notes, the benchmark for interest rates, has risen swiftly, stoking investor concerns that higher rates could weigh on company earnings and equity prices.
Past 5 years growth of TD observed at 10.30%, and for the next five years the analysts that follow this company is expecting its growth at 6.75%. The increase has been driven by the prospect of stronger economic growth, and higher inflation, in the USA and overseas. More volatility means greater profit or loss.
O'Hare said lackluster earnings added to the selling momentum, with some of the biggest USA companies suffering dramatic declines after disappointing the market.
The S&P 500 Index fell 2.1 percent to 2,761.91 at 4 p.m.in NY. That's up from 54 percent a quarter earlier. The company has Relative Strength Index (RSI 14) of 71.55 together with Average True Range (ATR 14) of 0.63.
Shares of Apple plunged 4.34 percent to close at 160.50 dollars apiece. Shares in Exxon shed $5.09 to $83.98.
"I think we're going to get above 3 percent". The online retail giant said it sold more voice-activated gadgets, enlisted new Prime members and benefited from its recent purchase of Whole Foods. A total of 1,290,878 shares exchanged hands during the intra-day trade contrast with its average trading volume of 1.00M shares, while its relative volume stands at 1.29.
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