Indexes fall off record highs, but set for weekly gains

New York, Wall Street pulled back from record levels on Friday after a four-day rally as investors digested a report showing U.S. job growth accelerated last month and braced for the next developments involving the coronavirus spread out of China.

Stocks were still poised for strong weekly gains with the S and P 500 on pace for its biggest weekly percentage rise in eight months and the Nasdaq set for its biggest weekly increase in over a year.

The Labor Department's closely watched employment report showed nonfarm payrolls increased by 225,000 jobs last month.

The report followed other encouraging U.S. economic reports earlier in the week.

The Dow Jones Industrial Average fell 305.79 points, or 1.04%, to 29,073.98, the S and P 500 lost 22.09 points, or 0.66%, to 3,323.69 and the Nasdaq Composite dropped 66.55 points, or 0.7%, to 9,505.60.

Source: Saudi Press Agency