Dow plunges over 600 points, TSX down over 200

Traders work in the S&P 500 pit at the CME Group's Chicago Board of Trade in Chicago Illinois U.S. on Monday Nov. 28 2011

US stocks fell sharply Friday, with the Dow Jones industrial average experiencing its worst weekly percentage drop in two years.

US payrolls beat expectations in January with an increase of 200,000, while the unemployment rate held steady.

The data sent interest rates higher. Elsewhere, Japan's Nikkei fell 0.9%, as SoftBank retreated and financial shares tumbled after the Bank of Japan offered a special bond purchase to try and contain rising yields.

Analysts have been eyeing a recent increase in U.S. bond yields that accelerated further on Friday following the jobs data.

"Armenpress" reports the value of Dow Jones down by 2.54% to 25520.96 points, S&P 500 down by 2.12% to 2762.13 points, Nasdaq down by 1.96% to 7240.95 points.

The Standard & Poor's 500 index fell 58 points, or 2.1 percent, to 2,763 as of 3:07 p.m. The Cboe Volatility index, widely considered the best fear gauge in the market, rose from 11.08 this week to 17.39.

"You've had a stock market that's gone absolutely insane based on tax reform juicing earnings", said Winer.

The fall came after a string of disappointing earnings reports from giants such as Apple. The SPDR S&P Bank exchange-traded fund, which tracks bank stocks, dropped 1.2 percent.

USA market indexes were lower Friday.

The Nasdaq slid 136 points, or 1.9 percent, to 7,246.

All of the index's 10 main groups were in negative territory.

Emerging market stocks lost 1.6 percent, for a weekly drop of 3.5 percent, the most since May 2016.

In currency markets, the Canadian dollar closed at an average trading value of 80.78 cents United States, down 0.60 of a USA cent. Brent crude, used to price global oils, fell $1.07, or 1.5 per cent, to close at $68.58 a barrel in London. So, if the price of oil declines, so will the gold and silver price FOR A SHORT WHILE.

The Canadian dollar was trading 1 per cent lower at 80.65 US cents. And they're concerned the Federal Reserve will respond to higher inflation by raising interest rates more quickly than expected.

But whereas that 2008 drop amounted to a 7.3 percent drop, Friday's decline was only 2.5 percent because prices have climbed so much since then. Low interest rates have been an underpinning of the current bull market in stocks, now in its ninth year.

The numbers were a good sign for workers. But the stock fell 4.4 percent after the company said it expects profit margins of 38 percent to 38.5 percent, tighter than the expected 38.9 percent.

The MSCI Asia Pacific Index fell 0.7 percent.

Other exceptions Friday included Netflix and Amazon, up 1 percent and 3 percent, respectively.

The dollar rose to 110.28 yen from 109.42 yen on Thursday. Average hourly wages rose 0.3%, the fastest pace in more than eight years.

The gap between 10-year Treasury Inflation Protected Securities (TIPS) and the 10-year Treasury notes reached its highest level since September 2014.