US: Wall St has worst start to year ever

US stocks closed lower on Friday, ending a volatile week with their worst five-day start to a year ever, as sliding oil prices and lingering worries about the global economy offset upbeat US job growth.

Both the Dow and S&P 500 had their worst five-day starts in history, with the Dow falling 6.2 per cent for the week and S&P 500 sliding 6 per cent. The Nasdaq was down 7.3 per cent this week.

All three indexes saw losses accelerating into the close.

The market had opened higher after data showing US nonfarm payrolls surged in December and the unemployment rate held steady. But that was not enough to keep stocks in positive territory.

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