The stock market entered Friday’s final hour of trading deep in the hole after an overheated December business report.
The Dow fell 640 points or 1.5 percent. The S&P 500 fell 1.3 percent. The Nasdaq Composite fell 1.4%.
Wall Street sold off stocks in the wake of rising bond yields as market participants pulled back expectations of interest rate cuts this year. Higher-than-expected inflation expectations from a University of Michigan survey turned a bad day into a selloff.
