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. That's great news for workers, but it reinforced investors' concern about inflation and the bond market. The sell-off knocked the Dow well below 26,000. Both the Dow and S&P 500 are on track for their biggest weekly drops since early 2016 -- nearly 4% each.
"We've got a smorgasbord of negativity," said Ken Odeluga, market analyst with City Index in London. "It's been pretty nervous all week." Political turmoil is adding to the uncertainty. Market analysts pointed to the clash between the Trump administration and the FBI as another concern.
"There looks like a breakdown of the institutions in our country," said Ian Winer, head of equities at Wedbush Securities. "No matter what side you're on, that's not good."
Trump has been taking credit for the stock market's performance since he took office. Actually, he takes credit for its performance since the day he got elected.
Funny, his Twitter hasn't made reference to stocks at all over the past few days.
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