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Stocks Swoon, Dow Down 665 Points

NEW YORK (AP) - The stock market closed sharply lower, extending a weeklong slide, as the Dow Jones industrial average plunged more than 600 points.

Stocks ended their worst week in two years Friday, and the Dow's drop was its biggest in percentage terms since June 2016.

Dow Industrials Cross 26,000 For First Time 7 Sessions After Passing 25,000
NEW YORK, NY - JANUARY 16: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, January 16, 2018 in New York City. The Dow briefly broke above 26,000 for the first time but finished down around 10 points for the day after soaring well over 200. It was one of the biggest one-day reversals since February 2016. (Photo by Drew Angerer/Getty Images)

Several giant U.S. companies dropped after reporting weak earnings, including Exxon Mobil and Alphabet. Apple and Chevron also fell.

Bond yields rose sharply after the government reported the fastest wage growth in eight years, stoking fears of inflation.

The Dow fell 665 points, or 2.5 percent, to 25,520.

The Standard & Poor's 500 index dropped 59 points, or 2.1 percent, to 2,762. The S&P is down almost 4 percent since hitting a record high a week ago.

The Nasdaq fell 144 points, or 2 percent, to 7,240.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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