Dow marks worst single-session point plunge--down 666 points--since 2008

Traders worked the floor of the New York Stock Exchange Friday

The blue chip Dow Jones Industrial Average suffered its steepest decline since June 2016 on Friday, amid wider losses in U.S. markets.

Several giant US companies dropped after reporting weak earnings, including Exxon Mobil and Alphabet. "It comes down to the nuts and bolts of earnings, interest rates, liquidity and value".

The blue-chip stock gauge is at risk of suffering its biggest one-day point decline since June 24, 2016, when it fell 610 points after the Brexit vote shocked markets. The S&P is still 22 percent above where it stood a year ago.

The U.S. stock market roared out of the blocks in 2018, before being reined in this week by rising bond yields. Schlesinger called the fear that the economy is growing faster than expected the "real factor" that seemed to spook the market.

The S&P 500 Index fell 2.1 percent to 2,761.91 at 4 p.m.in NY. The index is still up more than 3 percent since the year began.

Wholesale gasoline fell 2 cents to $1.87 a gallon and heating oil fell 4 cents to $2.05 a gallon. The Russell 2000 index of smaller-company stocks gave up 27 points, or 1.7 percent, to 1,552.

The increase in rates has been driven by the prospect of stronger economic growth, and higher inflation, in the US and overseas.

"Rates are rising today specifically on the very good jobs numbers for January, and more importantly you have seen wage growth pop up to 2.9 percent year over year, which is a notable acceleration", said Jeffrey Schulze, an investment strategist at ClearBridge Investments.

Wall Street's main stock indexes suffered their worst week in two years as bond yields soared and renewed fears of inflation gripped investors. Even with the pullback, the major indexes are still up more than 3 per cent this year.

"I think it's a problem if we have four rate hikes". Higher bond yields also mean higher borrowing costs for corporations.

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Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 percent.

Average hourly earnings posted a 0.3 per cent gain for the month and an annualized gain of 2.9 per cent. The yield is now the highest it's been since January 2014.

The U.S. and world economies are so strong that people think the good times can not last. There just are too many things that can go wrong.

Friday's slump caps a week of negative performance for the major USA stock indexes.

Traders continued to sift through a raft of corporate earnings reports Friday. Google's parent company, Alphabet, dropped 5 percent. Apple also reported lighter-than-expected iPhone sales for its previous quarter.

For the week, the Dow Jones was down -4.16%, the S&P 500 reported a loss of -3.89% and the Nasdaq Composite reported a loss of -3.52%. That's up from 54 percent a quarter earlier.

O'Hare said disappointing earnings added to the selling momentum. The stock slid $62.39 to $1,119.20. Shares in Exxon shed $5.19 to $83.88.

Technology companies also fell. The stock was down $5.63 to $162.15.

The British pound fell 1 percent to $1.4123. Visit MarketWatch.com for more information on this news. Amazon shares gained $62 to $1,452.

The Canadian dollar was trading at 80.69 cents United States, down from Thursday's average price of 81.38 cents US. Brent crude, used to price worldwide oils, fell $1.07, or 1.5 per cent, to close at $68.58 a barrel in London.

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