US stocks close lower, post weekly losses

US stock indices closed lower on Friday, after rising earlier following the release of upbeat economic data, but concerns over the coronavirus pandemic pushed Wall Street to fall again.

The US Transportation Security Administration decided to increase the fine for refusing to wear a mask in public transportation to $3,000.

This comes amid concerns over the coronavirus pandemic, especially after the new highly transmissible delta strain emerged, which sparked worries over the global economic recovery.

Data showed that the US producer price index for August rose 0.7%, slightly higher than forecasts of 0.6%.

The producer price index core reading (excluding food and fuel prices) was at 0.6%, higher than forecasts of 0.5%.

To the oil market, WTI crude October futures rose 2.3% or $1.58 , and closed at $69.72 a barrel, with a weekly gain of 0.6%.

Brent November futures rose 2% or $1.47, and closed at $72.92 a barrel, with a weekly gain of 0.4%.

As for stocks, Dow Jones fell 0.8% or 271 points, and closed at 34,607, and posted a weekly loss of 2.2%, with a day high of 35,104, and a low of 34,599.

S&P 500 fell 0.7% or 34 points to 4,458 and posted a weekly loss of 1.7%, after hitting a high of 4,520 and a low of 4,457 points.

Nasdaq fell 0.8% or 132 points to 15,115, and registered a 1.6% weekly loss, with a high of 15,349 and a low of 15,111.