SYDNEY, AAP – A fourth consecutive loss has the ASX set to record its worst week in almost two years.

The market dropped 1.77 per cent on Thursday after the US Federal Reserve confirmed rates may rise as early as March.

The heaviest falls on the Australian market were in technology stocks, which slumped by almost five per cent.

The benchmark S&P/ASX200 index closed down 123.3 points, or 1.77 per cent, to 6838.3 points.

The All Ordinaries index closed lower by 133.6 points, or 1.84 per cent, to 7114.5 points.

The market has lost 4.7 per cent this week.

The Australian dollar was buying 70.71 US cents at 1619 AEDT, lower from 71.39 US cents at Tuesday’s close before the market holiday.