US stocks finish lower, post weekly losses despite energy gains

The main US stock indices closed lower on Friday, and posted weekly losses following the disappointing jobs report, despite a strong rally in the energy sector (which gained 5.3% this week) as oil prices jumped.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, and the unemployment rate jumped to 4.4% in March vs. 3.5% during February, as the coronavirus continued to cast its shadow on the US labor market, in addition the services sector.

The US continues to be the world's largest coronavirus epicenter as infections soared, while the deaths rose by 1,200 victims on Thursday only, the largest daily death rate by any country.

To the oil market, West Texas Intermediate crude rose 11.9% to settle at $28.34 a barrel, and scored 31.7% weekly gains, after hitting today's high at $28.5 and the low at $23.5.

Brent jumped 13.9% to $34.11 a barrel, and posted 36.8% weekly gains, with a day high of $34.9 and a low of $28.2.

As for stocks, Dow Jones fell 1.7% or 361 points to close at 21,052, and posted a weekly loss of 2.7%, after it hit a day high 21,447 and a low 20,063.

Nasdaq fell 1.5% or 114 points to 7,373 points, and registered weekly loss of 1.7%, with a high of 7,518 and a low of 7,288.

S&P 500 fell by 1.5% or 38 points to 2,488, and posted 2.1% loss this week, with a high of 2,538 and a low of 2,459.