US stocks end off record highs, post weekly rise

US stocks closed lower on Friday after the broader S&P 500 index ended the previous session at a record high. Wall Street, however, posted gains for a third consecutive week as concerns over monetary tightening eased.

At the close, the Dow Jones Industrial Average fell 0.20%, or 107 points, to 53,732, bringing its weekly loss to 0.56%.

The broader S&P 500 declined 0.17%, or 13 points, to 7,785, while the Nasdaq Composite shed 0.28%, or 73 points, to 26,729. However, the two indexes posted weekly gains of 0.36% and 0.14%, respectively.

In Europe, the STOXX Europe 600 fell 0.21% to 657 points, posting a weekly loss of 0.36%.

Britain's FTSE 100 declined 0.21% to 10,750 points, while France's CAC 40 slipped 0.16% to 8,636. Germany's DAX gained 0.53% to 26,440 points.

In Japan, the Nikkei 225 rose 0.59% to 68,713 points, while the broader TOPIX advanced 0.51% to 4,197, notching a fresh record close.

Brent crude futures for October delivery rose 1.67%, or $1.45, to $88.52 a barrel.

US WTI futures for September delivery gained 1.42%, or $1.15, to $82.40 a barrel.

Gold futures for December delivery rose 0.38%, or $16.90, to $4,437.30 an ounce.

Market drivers

Investor sentiment was weighed down by data showing an unexpected decline in retail sales, raising concerns about weakness in the economy and labor market. However, those concerns also reduced expectations that the Federal Reserve would raise interest rates next month.