Stocks swoon, sending Dow down 600 points
NEW YORK — The stock market closed sharply lower, extending a weeklong slide, as the Dow Jones industrial average plunged more than 600 points.
Stocks ended their worst week in two years Friday, and the Dow’s drop was its biggest in percentage terms since June 2016.
Several giant U.S. companies dropped after reporting weak earnings, including Exxon Mobil and Alphabet. Apple and Chevron also fell.
Bond yields rose sharply after the government reported the fastest wage growth in eight years, stoking fears of inflation.
The Dow fell 665 points, or 2.5 percent, to 25,520.
The Standard & Poor’s 500 index dropped 59 points, or 2.1 percent, to 2,762. The S&P is down almost 4 percent since hitting a record high a week ago.
The Nasdaq fell 144 points, or 2 percent, to 7,240.