Dow drops more than 650 points, logs worst week in two years

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North American markets ended a volatile week with sharp losses led by the Dow Jones index losing 666 points, or 2.5 per cent, in its biggest decline in two years.

On Jan. 14, he quoted in two tweets a Fox Business Network contributor who said the "most explosive Stock Market rally that we've seen in modern times".

The yield on the 10-year US Treasury note climbed again Friday to 2.85 per cent.

Several giant US companies dropped after reporting weak earnings, including Exxon Mobil and Alphabet. Both Apple and Amazon reported better-than-expected quarterly results on Thursday after the closing bell. Based on a recent bid, its distance from 20 days simple moving average is -2.97%, and its distance from 50 days simple moving average is 2.70% while it has a distance of 9.92% from the 200 days simple moving average. The S&P 500 Index closed at 2,762.13 for a loss of -59.85 points or -2.12%.

Analysts said the Federal Reserve now looks increasingly likely to raise interest rates next month when its panel of rate-setters meets for the first time under new chairman Jerome Powell.

In Europe, the FTSE 100 recorded its worst week since April a year ago when Theresa May called the snap election, dropping by 47 points to 7,443, while Germany's Dax fell 1.7%.

Investors have recently grown concerned that a rapid rise in interest rates, exacerbated by higher inflation, could derail the market's otherwise steady upswing.

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

Polish PM defends Holocaust bill that upset Israel, Ukraine
Rather than suppress discussion of Poland's role in the Holocaust , it is likely to stimulate more of it. Millions more Polish Jews and other non-Jewish Polish civilians were murdered across the country.

The Nasdaq slid 264.83 points, or 3.5 percent.

The Bloomberg Dollar Spot Index gained 0.8 percent, the largest rise in more than 10 weeks.

Revenue of US$66.52bn was also way short of expectations of US$74.44bn. Strength in the labor market caused a selloff in the US government bond market. and that has pushed up the yield on the 10-year Treasury note above 2.85%, its highest level since January 2014, or four years ago. There just are too many things that can go wrong. In the three weeks through January 24, investors have pushed a net $18.3 billion into US stock funds this year, according to estimates from the Investment Company Institute.

Energy companies fell more than the rest of the market Friday after Exxon Mobil and Chevron reported disappointing results.

The Nasdaq is up 337.56 points, or 4.9 percent.

The Russell 2000 shed 60.79 points, or 3.9 percent. Visit MarketWatch.com for more information on this news.

The British pound fell 0.3 percent to $1.4223.

The Stoxx Europe 600 Index decreased 1.4 percent, wiping out gains this year with its fifth consecutive decline.

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