US STOCKS-S& P 500, Nasdaq close out worst week since December on trade worries

New York, Wall Street extended its sell-off on Friday on renewed trade fears as the benchmark S&P 500 index and Nasdaq saw their worst weekly percentage plunges since December, when investors were spooked by the prospect of a looming recession.

The blue chip Dow and the S&P 500 hit their lowest levels since late June with S&P 500 and the Nasdaq registering their fifth consecutive days of losses.

U.S. 10-year Treasury yields saw their steepest weekly decline in over seven years.

The sell-off wrapped up a tumultuous week, which saw the U.S. Federal Reserve cut interest rates for the first time since 2008 and a renewal of trade war fears following a tweet by U.S. President Donald Trump announcing plans to impose additional tariffs on $300 billion of Chinese imports on Sept 1.

A report from Labor Department on Friday showed that nonfarm payrolls increased by 164,000 jobs last month, in line with economists' expectations.

The Dow Jones Industrial Average fell 98.41 points, or 0.37%, to 26,485.01, the S&P 500 lost 21.51 points, or 0.73%, to 2,932.05 and the Nasdaq Composite dropped 107.05 points, or 1.32%, to 8,004.07.

Of the 11 major sectors in the S&P 500, eight closed in the red.

Source: Saudi Press Agency