Stocks Swoon

Stocks Swoon, Sending Dow Down Over 600 Points

It ends worst week for stocks in 2 years

By Newser Editors and Wire Services

Traders Edward Curran, left, and Michael Smyth work on the floor of the New York Stock Exchange, Friday, Feb. 2, 2018.   (AP Photo/Richard Drew)

(NEWSER) – The stock market closed sharply lower Friday, extending a week-long slide, as the Dow Jones industrial average plunged more than 600 points, the AP reports. Stocks ended their worst week in two years, and the Dow's drop was its biggest in percentage terms since June 2016. Several giant US 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%, to 25,520. The Standard & Poor's 500 index dropped 59 points, or 2.1%, to 2,762. The S&P is down almost 4% since hitting a record high a week ago. The Nasdaq fell 144 points, or 2%, to 7,240.