The Dow Jones Industrial Average fell almost 666 points, or about 2.5 percent, on Friday after the monthly payrolls reports showed employers added 200,000 jobs in January — and annual wage growth was the highest since 2009, raising expectations of higher inflation.
The yield on the 10-year Treasury climbed to 2.852 percent, its highest level in four years.
“It feels as though the grand era of interest rates below 3 percent will soon be in the rear-view mirror,” Mike Terwilliger, a portfolio manager for the Resource Credit Income Fund in New York, told Reuters.
