US stocks finish lower, post weekly losses

US stock indices closed lower on Friday, weighed down by the banking and tech shares after the start of the quarterly earning results season.

President-elect Joe Biden revealed yesterday a $1.9 trillion stimulus package to boost the economy from the Covid crisis.

Data showed today that the US retail sales index fell 0.7% in December, while the producer price index rose 0.3%, lower than forecasts of 0.4%.

The core retail sales reading (excluding automobiles) fell 1.4% in December, lower than forecasts of 0.1%.

To the oil market, WTI crude February futures fell 2.3% or $1.21, and closed at $52.36 a barrel, but posted a weekly gain of 0.2%, after hitting a day high of $53.8 and a low of $51.8.

Brent March futures fell 2.3% or $1.32, and closed at $55.10 a barrel, and posted a weekly loss of 1.6%, after hitting a high of $56.5 and a low of $54.6.

As for stocks, Dow Jones fell 0.6% or 177 points, and closed at 30,814 points, with a weekly loss of 0.9%, a day high of 30,941 and a low of 30,612 points.

Nasdaq fell 0.8% or 114 points to 12,998 points, and posted a weekly loss of 1.5%, after hitting a day high of 13,139 and a low of 12,949 points.

S&P 500 fell 0.7% or 27 points to 3,768 points, with a weekly loss of 1.5%, after hitting a day high of 3,788 and a low of 3,749 points.