US stocks deepen losses, Dow Jones drops nearly 300 points

US stock indices fell on Friday, following the US consumer confidence data.

Data showed that the US retail sales index rose 0.6% in June, beating forecasts of a drop by 0.4%.

The core retail sales index (excluding fuel and food prices) rose 1.3% in June, beating forecasts of 0.4%.

University of Michigan's consumer confidence survey fell to 80.8 points in June from 85.5 points, while analysts forecast 86.5.

The markets are closely focused on the quarterly earnings results season, after several major banks announced their results this week, and the US tech companies will announce their results the next few days.

To the oil market, WTI crude August futures rose 0.2% or 16 cents, and closed at $71.81 a barrel, but posted weekly losses of 3.7%, after hitting a high of $72.3 and a low of $70.4.

Brent September futures rose 0.2% or 12 cents, and closed at $73.59 a barrel, with a weekly loss of 2.6%, after hitting a high of $74.09 and a low of $72.3.

As for stocks, Dow Jones fell 0.8% or 299 points, and closed at 34,687, and posted a weekly loss of 0.5%, with a day high of 35,090, and a low of 34,647.

S&P 500 fell 0.7% or 32 points to 4,327, and posted a weekly loss of 1%, after hitting a high of 4,375 and a low of 4,322 points.

Nasdaq fell 0.8% or 116 points to 14,427, and registered a 1.9% weekly loss, with a high of 14,623 and a low of 14,413.