U.S. stocks fell sharply on Friday after a stronger-than-expected jobs report sent interest rates higher.
The Dow Jones industrial average dropped 650 points, with Exxon Mobil sliding 6.6 percent. The 30-stock index also fell below 26,000. Friday also marked the first time since June 2016 that the Dow fell at least 500 points.
The S&P 500 fell 2 percent, with energy as the worst-performing sector. The Nasdaq composite declined 1.7 percent as a decline in Apple and Alphabet offset a strong gain in Amazon shares.
“The key for the market today is rising interest rates,” said Mike Baele, managing director at U.S. Bank Wealth Management. “The old adage is: ‘Bull markets don’t die of old age, they are killed by higher interest rates.’ That looms large.”
But what does Liddle Donnie do? He runs off to Mar-A-Lago to play with himself on the golf course. Embarrassing.