Stocks plunge, Dow loses more than 600 points
Posted February 2, 2018 1:06 pm.
Last Updated February 2, 2018 3:04 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – A strong U.S. jobs report and a Fed executive’s comment that there could be more than three interest rate hikes this year have spooked investors.
Stocks ended their worst week in two years Friday, and the Dow’s drop was its biggest in percentage terms since June 2016.
The Dow Jones Industrial Average fell 666 points, while the S&P/TSX Composite Index was off 255. For the week, the Dow and the TSX are down by about four per cent.
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.
