NEW YORK-The Dow Jones industrial average dropped 500 points, or 2 percent, as a weeklong slump in stock market picks up speed.

  

The market is heading for its biggest weekly drop in two years.

  

Weak earnings from several giant U.S. companies including Exxon Mobil and Alphabet, Google's parent company, further dented investors' confidence.

  

Bond yields rose sharply after the government reported another gain in hiring last month as well as the fastest wage growth in eight years, stoking fears of inflation.

  

The Dow fell 515 points, or 2 percent, to 25,675. The Standard & Poor's 500 index gave up 49 points, or 1.8 percent, to 2,773.

  

The Nasdaq fell 108 points, or 1.5 percent, to 7,278.

  

Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 percent.