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Looks like it is your High Pressure power steering hose gone bad, it will squirt more fluid as you turn the steering wheel. Replace as soon as you can, if that fluid lands on the engine it can easily ignite a fire under your hood, happen to me some time ago when my car began to leak power steering fluid from the high pressure hose and the oil got all over the hot engine, it ignited causing a engine fire. Power steering fluid is very flammable and dangerous when it is close to excess heat from the engine. Most power steering systems have a low and high pressure hose, the high pressure hose takes tremendous hydraulic pressure every time you turn your wheels.
Pretty much sounds as if the drive belt has come off the engine. When that happens, your power steering pump won't turn (hard steering), check gauges or check engine light comes on (because alternator no longer is turning, and engine will overheat (water pump not turning either). Replace the belt and check all pulleys to make sure none are binding or loose (could be why belt came off other than failure from age...takes a minute to check and avoids problems later)
Pump, pressure hose, return line, or steering gear. I would have to see it to tell you for sure. The best thing to do is clean it up real good with a de-greaser- like simple green. I would then refill with ps fluid and while someone else starts the vehicle and turns the wheel, use a flashlight and look for leak.
It was the ABS system kicking in to try to keep the wheels from locking up. The squealing you heard was indeed the tires "sliding" across the surface in protest/resistance to your turning input thru the steering wheel. If you are not comfortable with that feeling go ahead and take it to the dealer/repair shop and have the ABS system checked/tested. (preferably the dealership)
Mine did the same thing. I took it to the dealer (always get the extended warranty). They replaced the pump. Problem still there. They then replaced the rack and pinion. Problem solved. Sorry, this might be a big one.
I had the same problem, there is a cooling fan for the power steering pump that went out and caused some damage to the pump. The intermitent problem finally got worse and I had the pump replaced read: expensive about $1000. See if they have a rebuilt pump available.