Major stock averages slide for third week, Nasdaq posts six-day losing streak

After a strong August employment report failed to allay concerns that the Federal Reserve would keep rapidly

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raising interest rates to combat inflation, U.S. stocks sank on Friday to complete their third straight weekly fall.

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Following a morning rise, the Dow Jones Industrial Average gave up a 370-point gain and ended the session at 31,318.44 down 337.98 points, or around 1.1%. 

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The S&P 500 closed at 3,924.26, its lowest level since July, down about 1.1%. The Nasdaq Composite saw its first six-day losing streak since 2019 as it dropped 1.3% to 11,630.86.

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After falling in the closing days of August, all the main averages were down at the end of the week, marking their third consecutive negative week.

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The Nasdaq sank 4.2% while the Dow and S&P lost about 3% and 3.3%, respectively.