Wall Street sees worst week in two years

For a while Friday, it was anybody's guess whether the weeklong sell-off would ease or worsen. "The average experienced two drops of more than 1,000 points and two gains of more than 400 points".

It's the second time this week it has fallen over 1,000 points.

The Nasdaq dropped 274 points at 6,777.

What is a stock market correction? The Dow gained 330.44 points, or 1.4 per cent, to 24,190.90.

The Dow Jones industrial average closed 462 points higher Friday, a 1.9 percent gain, after shedding 10 percent of its value in two weeks.

The Dow Jones Transport Average index fell 0.23 percent. Chinese officials denied the rumor, but it is clear that they have been buying fewer Treasurys over the past years. Inflation can also send bond yields higher, which makes it more expensive for individuals, companies and even the US government to borrow money. Crude slumped 3.5% on Friday and slipped below $60 a barrel for the first time this year.

Bond prices also fell.

The Dow is down 528.32 points, or 2.1 percent.

A week ago, the stock market began its dive with a 666-point sell-off after the Labor Department reported that wage growth was picking up. Those include worries about a potential rise in US inflation or interest rates and budget disputes in Washington.

The recent market losses are also bigger than the annual gross domestic product of the United Kingdom. Exchange-traded funds that focus on junk bonds suffered a third day of losses. The bipartisan agreement boosts federal spending limits by $300 billion over the next two years.

More news: First Briton, 'Cheddar Man' had darker skin, DNA analysis

The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. "Now, they're moving higher and investors are concerned they might move higher faster".

Analysts warned that stocks had become too expensive. The so-called fear gauge tracks traders' expectations for future instability and moves opposite the S&P 500 most of the time.

Investors also unloaded riskier corporate bonds during the Wall Street stock market rout. Retailers including Amazon and made small gains, a possible sign of confidence the US economy will keep growing. The Iseq lost 4.1 per cent over the week. The extra stimulus threatens to send inflation higher.

Some companies rose after reporting quarterly results and outlooks that beat Wall Street's forecasts. Major economies around the world are growing in tandem for the first time since the Great Recession, and corporate profits are on the rise. The housing industry is solid.

European stock markets finished higher overnight, snapping a seven-day losing streak. Microsoft and JPMorgan Chase each lost 1.7 percent. Oil has not been below $60 a barrel since December 28. The yield on the 10-year note was as low as 2.04 percent as recently as September.

In other commodities trading, wholesale gasoline remained at $1.77 a gallon. Silver lost 20 cents, or 1.2 per cent, to $16.14 an ounce. The April gold contract was down US$3.30 to US$1,315.70 an ounce and the March copper contract was down five cents to US$3.03 a pound.

The market opened little changed on Thursday but started to fall in early trading and extended its losses throughout the morning. The euro dipped to $1.2231 from $1.2263.

A stock market enters a correction when it drops 10 percent below a recent peak, as US stock did on Thursday.

The S&P 500 gave up 44 points, or 1.7 percent, to 2,637.

The Canadian market was in negative territory, but off its lows for the day, as oil prices fell and Statistics Canada released disappointing jobs data.

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