US stocks give up earlier gains, post weekly losses

The main US stock indices closed lower on Friday, to give up earlier gains reached at the opening, weighed down by the mounted concerns about the spread of the deadly Chinese virus.

China revealed that the deadly coronavirus death toll rose to 26 victims, and more than 900 were infected, and the the authorities locked down two major cities and started working on building a new hospital with deadline of only 10 days in Wuhan city.

The US reported the second confirmed case of the virus, and France revealed the first two cases in Europe.

Data showed today that the US manufacturing PMI fell to 51.7 points in January vs. 52.4 in December.

To the oil market, West Texas Intermediate (WTI) fell by 2.5% to close at $54.19 a barrel, and posted 7.4% weekly loss, after hitting a day high of $55.9 and a low of $53.8.

Brent fell by 2.2% to $62.04 a barrel, and lost 6.4% this week, with a high of $62.4 and a low of $60.2.

As for stocks, Dow Jones lost 0.6% or 170 points to close at 28,989, and registered 1.2% weekly losses, after it hit an intraday high 29,288 and a low 28,843.

Nasdaq shed 0.9% or 87 points to 9,315 points, and posted 0.8% weekly losses, with a high of 9,451 and a low of 9,273 points.

S&P 500 fell by 0.9% or 30 points to 3,295, with weekly losses of 1%, after hitting today's high of 3,333 and a low of 3,281.