For the first time since June 2016, the Dow Jones Industrial Average fell over 500 points, dropping by a staggering 666 points. A stronger than expected jobs report saw interest rates surge, which in turn pushed the Dow Jones lower.
The S&P 500 also dropped sharply by 2.1 per cent, even as energy stocks were the worst hit. Data showed that the US economy added 2,00,000 jobs as against expectations of 180,000 jobs, which saw interest rates rising and triggered a sell-off in the markets.
Analysts now remain worried that a rise in bond yields could see a fresh round of selling in the markets. As the yield curve widened banking stocks saw a sharp sell-off in trade. The fall ensured that the Dow capped a 4-week winning streak, though the quantum of fall took analysts by surprise.