CNN Money reports:
Wall Street just suffered the worst day of the Trump presidency. The Dow closed down 666 points, or 2.5%, its biggest percentage decline since the Brexit turmoil in June 2016 and steepest point decline since the 2008 financial crisis.
A strong jobs report 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 suffered their biggest weekly drops since early 2016 — roughly 4% each.
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.”