US stocks deepen losses, Dow Jones logs third weekly loss in row

US stock indices closed lower on Friday, and posted weekly losses amid the uncertainty about the Fed's next move.

The US consumer price index rose less than expected, but the retail sales index rose by 0.7% in August, beating forecasts of a drop by 0.7%.

The Fed is awaiting more signs of the rising inflation rate and the economic recovery to start reducing size of its bond-buying program.

US President Joe Biden criticized the wealthy due to what he described as a massive increase in their wealth of up to $1.8 trillion, which he considers unfair.

To the oil market, WTI crude October futures fell fell 0.9% or 64 cents, and closed at $71.97 a barrel, but posted a weekly gain of 3.2%.

Brent November futures fell 0.4% or 33 cents, and closed at $75.34 a barrel, with a weekly gain of 3.3%.

As for stocks, Dow Jones fell 0.5% or 188 points, and closed at 34,584, and posted a weekly loss of 0.1%, with a day high of 35,779, and a low of 34,519.

S&P 500 fell 0.9% or 40 points to 4,433 and posted a weekly loss of 0.6%, after hitting a high of 4,471 and a low of 4,427 points.

Nasdaq fell 0.9% or 138 points to 15,044, and registered a 0.5% weekly loss, with a high of 15,166 and a low of 14,998.