The Nasdaq dropped more than three percent Friday, leading stocks down dramatically. For the week, the Nasdaq lost more than five percent. Bobbi Rebell reports.
Stocks fell sharply as investors fretted the Fed could hike interest rates this year. Sparking those concerns: a surge in wages in January as the unemployment rate ticked below five percent. Conference Board labor economist Gad Levanon: SOUNDBITE: GAD LEVANON, MANAGING DIRECTOR OF LABOR MARKETS, THE CONFERENCE BOARD (ENGLISH) SAYING: "I wouldn't be surprised if we'll see two or maybe even three more hikes in 2016." For the week, it was red across the board. Dow, the Nasdaq, and the S&P 500 all losing ground. The day's biggest decliner on the S&P 500: HanesBrands. Eight brokerages cut their price targets on the apparel retailer. Fewer customers shopped at its stores, pushing down sales. Tyson Foods shares rallied after the U.S.' top meat processor hiked its profit forecast for the full year. Driving that outlook: a big drop in feed and livestock costs. LinkedIn shares plunged one day after the networking site issued a weak forecast. Growth is slowing in its advertising business. Elizabeth Arden not looking good Friday. It lost nearly a fourth of its value. Weak demand in North America hurt quarterly sales. In Europe, a selloff in technology and telecom stocks pulled the markets lower.