U.S. stocks fell sharply on Friday after a stronger-than-expected Non-farm payroll report pushed interest rates higher.
The U.S. economy added 200,000 new jobs in January versus expected growth of 180,000. Weekly average earnings rose 2.9% on an annualized basis and the unemployment rate was unchanged at 4.1%.
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The Dow 30 index dropped 665.75 points (2.8%) to close at 25,520, which is the index’s sixth-largest points decline ever.
The broad-based SP 500 fell 2.1% and finished at 2,762, with energy as the worst-performing sector.
The NASDAQ 100 plunged 1.96% to 7,240 as declines in Apple and Alphabet offset a strong gain in Amazon shares.
The combination of extreme valuations and increased leverage in the market could see US equities extend today’s losses into next week.
We suggest cutting high PE names from portfolios and looking for “stock specific” opportunities on the long side. 
SP 500 Index
