The Dow Jones Industrial Average dropped 666 points on Friday - its worst showing in 20 months - and already suffering media stocks, with a few notable exceptions, were battered in the process.
Investor mindsets are shifting to realize that interest rates in the US will go higher and likely at a quicker rate than originally anticipated, he said, which means all asset values probably need to be reassessed to the downside.
The Dow dropped 650 points, or 2.5%, on Friday despite a strong jobs report that showed wage growth is finally starting to pick up.
Average hourly earnings posted a 0.3 per cent gain for the month and an annualized gain of 2.9 per cent. The S&P 500 Index closed at 2,762.13 for a loss of -59.85 points or -2.12%. The point decline for the Dow marked its worst since December of 2008, when it tumbled 680 points.
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The higher wage growth and potentially higher inflation "might then lead the Federal Reserve to raise their interest rates more rapidly than the market is comfortable with", he told NPR's John Ydstie.
Assuming they have well-designed portfolios, "mom and pops sitting at home... should not be concerned, given the massive run up in the market", he added.
Yet, as CNN pointed out, the Dow is still just 3.9 percent below its record high of 26,616.71, which was achieved just last week on January 26.
The Bloomberg Dollar Spot Index gained 0.8 percent, the largest rise in more than 10 weeks.
The Dow suffered its worst drop in more than a year and a half Friday as United States stocks plunged on disappointing earnings from big companies and worries about higher interest rates.
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The yield on the 10-year Treasury note rose to 2.84 percent.
"Those rising rates are making it harder to say there is no alternative to stocks", said David Kelly, chief global strategist at JPMorgan Funds. 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. Disappointing iPhone sales left Apple down 4%.
The Nasdaq is up 337.56 points, or 4.9 percent. Shares in Exxon shed $5.19 to $83.88. Equities are being tested by the surge in bond yields, with some fund managers saying 3 percent US 10-year rates would signal a bond bear market. Visit MarketWatch.com for more information on this news. A total of 1,919,821 shares exchanged hands during the intra-day trade contrast with its average trading volume of 3.98M shares, while its relative volume stands at 1.30.
Technology companies also fell.
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