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On Monday, the financial, healthcare and industrial sectors fell the most, but declines were spread broadly as all major 11 S&P sectors dropped at least 1.7%.

The market's main gauge of volatility, the Cboe Volatility Index, hovered around 34 on Friday, about three times the average level of the past year.

Before last night's fall, the index had not seen a pullback of more than 5% for more than 400 sessions, which analysts said was the longest such streak in history.

The Dow Jones industrial average fell 98 points, or 0.4 percent, to 24,800.

Fears about inflation and soaring bond yields drove the Dow down about 1,300 points on the week.

As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on January 26, according to S&P Dow Jones Indices. The Nasdaq composite fell 274.82 points, or 3.9 percent, to 6,777.16. Even after this week's losses, the S&P 500 index is up 12.5 percent over the past year.

What many failed to predict, however, is the S&P 500's blazing slide from a record high on January 26 to a drop of 10 percent on Thursday.

As the stock market fell on Monday, the White House said the fundamentals of the US economy are strong.

Still, the defensiveness that stock markets have seen this week likely means that investors aren't ready to fully embrace buying into the unusually large dips seen recently, as they have in the past. It has been an uncommonly long time since the last market correction, which ended nearly two years ago. Even though earnings yields and dividend yields are at historically low levels, they are still higher than bond yields. Retailers including Amazon and made small gains, a possible sign of confidence the US economy will keep growing.

USA stocks posted their biggest weekly percentage drop in two years, despite ending Friday with gains.

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The late rally across USA equity markets Friday could bode well for the next opening of markets on Monday.

"Volatility is here is to continue for a few days perhaps a few weeks longer", said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

Recently with yields rising thanks to developed market central banks on a tightening spree, this narrative has flipped and the bad news is that bonds and stocks, as well as the dollar, can all go down together. "Corrections are caused by people having to reposition for new environments". "That's what we saw yesterday, and we know where that ended up".

"There would be a limited impact in the case of a flight from emerging market assets driven by increased global risk aversion".

Other Asian share indexes also were lower, with Hong Kong's Hang Seng down 4.3 percent and Japan's Nikkei 225 3.2 percent lower.

Had the Dow lost any ground on Friday, it would have been the index's worst week since October 2008, during the financial crisis.

In Europe, Germany's DAX was down 2.1 percent and the CAC 40 in France lost 2 percent. Brent crude gave up 70 cents, or 1.1 percent, to $64.81 per barrel.

"The fact that Monday's lows were breached on Thursday signals more trouble ahead, and rallies are likely to give way to rising bond yields", Peter Cardillo, economist at First Standard Financial in NY, told Reuters.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.

The economy is already running hot, with the nation's unemployment rate at a 17-year low of 4.1 per cent. On the Nasdaq, 1,579 issues fell and 1,259 advanced. The S&P 500 is down the same percentage, plummeting to close at 2,581 on Thursday.