Dow marks worst single-session level plunge since 2008

A trio of traders work in a booth on the floor of the New York Stock Exchange Tuesday Jan. 30

The S&P 500 fell 59.85 points, or 2.1 percent, to 2,762.13, and the tech-heavy Nasdaq composite index dropped 144.92 points, or 2 percent, to 7,240.95.

"Armenpress" reports the value of Dow Jones down by 2.54% to 25520.96 points, S&P 500 down by 2.12% to 2762.13 points, Nasdaq down by 1.96% to 7240.95 points.

This week's market pullback has come even as USA economic data continues to reflect strong growth.

That caused the 10-year Treasury yield to surge to 2.8450 percent the highest since January 2014, which could make returns on Treasuries look more attractive relative to stocks.

Even stock market bulls have long said that a pause - or even a dip - would help prevent the market from overheating.

With the huge drop on Friday, the three major Wall Street indexes ended with their biggest losses for one week in almost two years, after closing the previous week at record highs.

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All 11 major sectors of the S&P 500 were in negative territory.

The Dow fell 515 points, or 2 percent, to 25,675.

USA stocks slumped Friday, and the market suffered its worst week in two years, as fears of inflation and disappointing quarterly results from technology and energy giants spooked investors.

"It's all about the bond market, the bond market is calling the tune for stocks and has been all week".

Volume on USA exchanges was 5.39 billion shares, compared to the 7.33 billion average for the full session over the last 20 trading days.

The question now is whether this market turmoil will persist into next week, or whether investors have been waiting on the sidelines come in to buy after the dip. Average hourly earnings rose by 2.9 per cent in the year to January, the fastest pace since June 2009, according to the US Bureau of Labor Statistics.

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The decline sent the Dow below the psychologically important level of 26,000, which it had just broken through for the first time two-and-a-half weeks ago.

That is unnerving for investors accustomed to the last decade's rock-bottom interest rates.

A big selloff in the US government bond market Friday sent the yield on the 10-year Treasury up above 2.85%, its highest level since January 2014.

Janet Yellen, the Federal Reserve's departing chair who had her last working day Friday, was viewed by some as being more concerned about measures of weakness in the job market than by the risk of rising inflation, and therefore more willing to keep rates low.

The unemployment rate was unchanged at a 17-year low of 4.1 percent.

While rising pay is good for workers, it can also be a sign that inflation is coming.

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Interest rates that are set every day in the global bond markets are already leaping higher, in anticipation of central bank rate increases later this year. The SPDR S&P Bank exchange-traded fund, which tracks bank stocks, dropped 1.2 percent. The yield on the 10-year Treasury note, a benchmark for interest rates on many kinds of loans, including mortgages, climbed to 2.84 per cent, the highest level in roughly four years.

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