Dow Jones sheds 220 pts, records weekly loss

US stocks fell on Friday after a volatile session, as the monthly jobs report raised concerns about slowing economic growth, despite mounting expectations of rate cuts amid signs of labor market weakness.

The Dow Jones Industrial Average dropped 0.48% (220 points) to 45,400, posting a weekly loss of 0.32%.

The S&P 500 fell 0.32% (20 points) to 6,481, but rose 0.33% for the week, after hitting a record high earlier in the session.

The Nasdaq Composite was little changed at 21,700, maintaining weekly gains of 1.14%.

In Europe, the Stoxx Europe 600 slipped 0.16% to 549, ending the week down 0.17%.

Germany’s DAX declined 0.73% to 23,596, France’s CAC 40 dropped 0.30% to 7,674, and the UK’s FTSE 100 edged down 0.10% to 9,208.

In Asia, Japan’s Nikkei 225 rose 1% to 43,018, while the TOPIX gained 0.80% to 3,105, with both indexes logging weekly gains of 0.70% and 1%, respectively.

As for the oil market, Brent crude (Nov. delivery) fell 2.22% ($1.49) to $65.50 per barrel, down 3.84% for the week.

WTI crude (Oct. delivery) dropped 2.54% ($1.61) to $61.87, recording a weekly loss of 3.34%.

As for gold (Dec. delivery) rose 1.3% ($46.6) to $3,653.30 an ounce, marking a weekly gain of 4%.

The US economy added only 22,000 jobs in August, down from 79,000 in July and well below expectations of 75,000.

The unemployment rate rose to 4.3% from 4.2%, its highest level in four years.