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Dow drops 666 points and posts its worst week since 2016

Tags: drop worst rate

The Dow Jones industrial average plunged 2.54 percent – closing down 666 points – Friday and suffering its Worst week in two years as concerns over rising interest rates and inflation from an overheated economy caused a long-feared sell-off.

“The pullback has everything to do with the 10 year Treasury moving higher, breaching that 2.8 percent level,” said Wayne Wicker, chief investment officer at ICMA Retirement Corporation.

Wall Street watchers are worried that the Federal Reserve under new chairman Jay Powell may overreact and boost rates, bringing the market run to a hard halt and slowing the U.S. economy.

“It means you are going to see an inflation picture continuing to firm and strenghten over the course of 2018, which will drive 10-year Treasury yields higher and cause the Fed to reconsider its gradual pace of tightening,” Schulze said.

“It looks like the beginning of a market correction,” said Luke Tilley, chief economist at Wilmington Trust, the wealth and investment advisory arm ot M&T Bank.

READ MORE (The Denver Post)

  • After Heavy Losses, Rate Fears Remain As Concerns Of A Shutdown Could Re-EmergeForbes
  • Dow drops more than 650 pointsAuburn Citizen
  • US Stocks Swoon, Sending Dow Down More Than 650 PointsU.S. News & World Report
  • S&P 500, Dow on track for worst week in two yearsNation News
  • Dow's 666-point plunge looks bad, but the economy's fundamentals are still strongLos Angeles Times
  • Stocks drop, sending Dow down more than 650 pointsNewsday
  • Dow industrials drop 600 points, extending a weeklong slumpWTHR
  • US equities plunge on interest rate concerns, mixed earningsXinhua
  • Dow sees worst day in two years as bond yields jumpYahoo Finance

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Dow drops 666 points and posts its worst week since 2016


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