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The Dow Jones Industrial Average on Friday shed more than 1,095 points for the week, which would be its steepest weekly slide since October 10 2008, when it shed 1,874 points, according to FactSet data.

Bond prices declined again Friday, sending yields higher.

The bond market has also been struggling with the idea that rising inflation could push the Federal Reserve to raise interest rates more than the three times central bank officials have forecast for this year. The Dow Jones Industrial Average closed at 25,520.96 for a loss of -665.75 points or -2.54%.

Nonfarm payrolls jumped by 200,000 jobs in January after rising 160,000 in December, while the unemployment rate remained at a 17-year low of 4.1 per cent.

Tech giant Apple reported better-than-expected quarterly results.

Canada's main stock index slumped to a four-month low on Friday, with resource and marijuana shares leading broad based declines as higher bond yields pressured global equity markets.

The bond market's big move in rates gained momentum Friday after January wages rose the most since 2009, sparking expectations that wage inflation is finally picking up.

The CBOE Volatility Index, the most widely followed gauge measure of stock market volatility, rose to 14.48, after having fallen in the previous two sessions. Eastern Time. The benchmark index is down 3.4 percent since hitting a record high a week ago.

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The S&P 500 and Nasdaq also sunk Friday by 1.4 percent and 1.2 percent respectively.

This morning's 1.2% decline in the US Dow Jones Industrial Average was led by a 5.2% decline in Exxon Mobil, which disappointed both on earnings and production. On the Nasdaq, 2,161 issues fell and 617 advanced.

The Stoxx Europe 600 Index decreased 1.4 percent, wiping out gains this year with its fifth consecutive decline.

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The yield on the 10-year Treasury note rose to 2.84 percent.

Google-parent Alphabet fell 5.2 percent after its profit also misses analysts' estimates.

West Texas Intermediate crude fell 1.2 percent to $65 a barrel.

Indeed, after more than a year of calm, there has been a mood shift on Wall Street this week as stock prices have dropped close to 3%. The yield on the 10-year Treasury rose to 2.85 percent from 2.79 percent late Thursday.