Dow Jones sheds over 500 pts, posts 3% weekly loss

US stocks closed lower on Friday, as investors assessed the monthly jobs report, which raised concerns over a cooling labor market. This also came amid monitoring global trade developments.

Dow Jones Industrial Average fell 1.23% (542 points) to close at 43,588, recording a weekly loss of 2.92%.

S&P 500 dropped 1.60% (101 points) to 6,238, ending the week down 2.36%.

Nasdaq Composite slid 2.24% (472 points) to 20,650, bringing its weekly decline to 2.17%.

In Europe, Stoxx Europe 600 lost 1.90% to 535 points, with a weekly drop of 2.55%.

Germany’s DAX declined 2.65% to 23,425 points. France’s CAC 40 fell 2.90% to 7,546 points. UK’s FTSE 100 edged down 0.70% to 9,068 points.

Meanwhile, Japan’s Nikkei 225 dipped 0.65% to 40,799 points, while the broader TOPIX rose 0.20% to 2,948 points. For the week, the Nikkei dropped 1.60% and the TOPIX slipped 0.10%.

As for the oil market, Brent crude futures for October delivery fell 2.83%, or $2.03, to settle at $69.67 per barrel. Despite the drop, Brent recorded a 3% gain for the week.

Meanwhile, US WTI crude futures for September delivery dropped 2.79%, or $1.93, to $67.33 per barrel, trimming their weekly gain to 3.33%.

As for gold, December delivery contract rose 1.5% ($51.20) to $3,399.80 an ounce, marking a weekly gain of 0.21%.

The US economy added just 73,000 jobs in July, falling short of expectations for a 100,000 increase. Meanwhile, the Bureau of Labor Statistics revised down job gains for June and May by a combined 258,000 jobs, pointing to a sharp slowdown in the labor market. This heightened investor concerns about the outlook for the US economic growth.