Analysis: What's behind the stock market plunge

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NEW YORK (CBS) -- U.S. stocks plunged Friday. The Dow Jones Industrial Average plummeted 666 points, or 2.5 percent -- the biggest percentage drop since June 2016.

CBS News business analyst Jill Schlesinger said there are two factors behind the plunge: Disappointing corporate earnings and fear that economic growth might lead to higher interest rates.

Schlesinger called the fear that the economy is growing faster than expected the "real factor" that seemed to spook the market.

The January jobs report, released Friday, was strong -- with unemployment holding steady at the 17-year low of 4.1 percent and wages increasing by nearly 3 percent from a year ago.

Schlesinger said the jump in wages could indicate the economy is heating up, which could lead to inflation.

To keep prices in check, the Federal Reserve would have to increase interest rates more quickly than expected, although both interest rates and inflation remain very low.