Dow sees sharpest drop since June 2016

The blue-chip Dow Jones Industrial Average suffered its steepest decline since June 2016 on Friday, amid wider losses in US markets.

The fall came after a string of disappointing earnings reports from giants such as Apple. Strong wage growth in the latest payrolls data also spooked investors raising the possibility of higher interest rates than expected.

The Dow fell more than 665 points or 2.5 per cent to 25,520.96. The S&P 500 tumbled 59.8 points, falling 2.12 per cent to 2,762.13, while the NASDAQ closed 144.91 points lower at 7,240.9, down 1.96 per cent.

The losses touched every sector, with the steepest declines in energy and technology stocks.