Markets Right Now: Dow Jones industrials sink 500 points

NEW YORK — The latest on developments in financial markets (All times local):

2:25 p.m.

The Dow Jones industrial average dropped 500 points, or 2 percent, as a weeklong slump in stock market picks up speed.

The market is heading for its biggest weekly drop in two years.

Weak earnings from several giant U.S. companies including Exxon Mobil and Alphabet, Google's parent company, further dented investors' confidence.

Bond yields rose sharply after the government reported another gain in hiring last month as well as the fastest wage growth in eight years, stoking fears of inflation.

The Dow fell 515 points, or 2 percent, to 25,675. The Standard & Poor's 500 index gave up 49 points, or 1.8 percent, to 2,773.

The Nasdaq fell 108 points, or 1.5 percent, to 7,278.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 percent.

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11:45 a.m.

Stocks fell sharply in midday trading, putting the market on track for its worst week in two years.

Energy companies fell more than the rest of the market Friday after Exxon Mobil and Chevron reported disappointing results.

Exxon lost 5.7 percent and Chevron fell 3.7 percent.

Technology companies also fell. Google's parent company, Alphabet, dropped 5 percent.

The Standard & Poor's 500 index gave up 30 points, or 1.1 percent, to 2,791.

The Dow Jones industrial average fell 343 points, or 1.3 percent, to 25,841. The Nasdaq fell 74 points, or 1 percent, to 7,312.

Bond yields shot higher after the government reported another month of strong job gains and wage growth, further stoking fears of inflation.

The yield on the 10-year Treasury note rose to 2.84 percent.

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9:35 a.m.

Technology companies were leading stocks broadly lower in early trading, extending the market's slide into a second day.

Google's parent company Alphabet slumped 4.6 percent Friday after reporting results that missed analysts' forecasts.

Exxon Mobile sank 5 percent and Chevron lost 1.8 percent. Both also reported results that fell short of forecasts.

The Standard & Poor's 500 index gave up 19 points, or 0.7 percent, to 2,802.

The Dow Jones industrial average fell 252 points, or 1 percent, to 25,937. The Nasdaq composite fell 37 points, or 0.5 percent, to 7,346.

Bond prices fell after the government reported more job gains last month. The yield on the 10-year Treasury note rose to 2.83 percent.

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