Dow sees worst day in two years as bond yields bounce

Specialist Robert Nelson works at his post on the floor of the New York Stock Exchange Friday Feb. 2 2018

The Nasdaq fell 145 points to 7,240.95 and the S&P 500 skidded 60 points to 2,762.13.

That favorable backdrop is why there is no "reason to change one's strategy based on the last few days", says Bill Hornbarger, chief investment officer at Moneta Group in Clayton, MO. "It gives the Federal Reserve a "green light" on more rate hikes this year, and that historically makes the stock market nervous".

Nonfarm payrolls rose by 200,000 jobs in January, the Labor Department said, beating expectation of 180,000.

"The market is becoming more vigilant about these concerns, and that's good and healthy".

The U.S. dollar and bond yields jumped on Friday while stock markets fell as U.S. data showed the strongest annual wage growth since 2009, raising the specter of accelerating inflation and more U.S. interest rate hikes than expected this year. "It comes down to the nuts and bolts of earnings, interest rates, liquidity and value".

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The CBOE Volatility Index, the most widely followed gauge measure of stock market volatility, rose to 14.99, after having fallen in the previous two sessions.

Their goal was to incentivize investors to put their cash to work in the economy - for example, by buying corporate stocks and bonds - rather than stashing it in the relative safety of government bonds. In the past week, the Dow shed more than 1,000 points.

Google-parent Alphabet fell 5.3 percent after the fourth-quarter profit came in below consensus on increased spending. The online retail giant said it sold more voice-activated gadgets, enlisted new Prime members and benefited from its recent purchase of Whole Foods.

"As rates move up, the valuations of stocks get called into question" about whether they're overpriced, O'Hare said.

"People are finally starting to reprice reflation, it's about time", said Ms Jeanne Asseraf-Bitton, head of global cross-asset research at Lyxor Asset Management. Stocks kicked off the year trading sharply higher, as investors cheered strong global economic growth and better-than-expected corporate earnings.

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Wall Street ended its worst week in two years on Friday with another sharp fall as markets in Europe also continued to tumble from the record-high levels reached less than a month ago. The 10-year Treasury yield increased to 2.852% on Friday. On thing to put the selloff in perspective, the Dow's point decline is greater than Black Monday, when it plunged 507.99 points on October 19, 1987.

USA payrolls beat expectations in January with an increase of 200,000, while the unemployment rate held steady.

The Dow closed down 666 points, or 2.5%, its biggest percentage decline since the Brexit turmoil in June 2016 and steepest point decline since the 2008 financial crisis.

Oil sank lower as well even though it is still trading at its highest level since 2015 in NY. The fastest accelerating wage growth of the recovery, 2.9 percent, heightened the prospect of tighter monetary policy and a higher interest rate increase, analysts said.

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