U.S. stocks close higher but lose over 5% for week, TSX ends down

North American markets closed mostly higher on Friday in volatile trading, buttheweek's steep sell-offs resulted in all threeU.S.benchmark indexes losing over five per cent.

The Dow Jones industrial average finished up 1.4 per cent or 334 points to24,194 but lost 5.2 per cent for the week.

The broader S&P 500 index also regained ground to end up 1.5 per cent to 2,620, while thetech-heavyNasdaqcomposite added 1.4 per cent to6,874 points.

But both indexes were down more than five per cent for the week as well.

The Dow and S&P 500 saw their biggest weekly drop since January 2016, while the Nasdaqposted its biggest weeklyloss since February 2016.

The Dow had plunged more than 1,000 points on Thursday, pushing it,the S&P 500and the Nasdaqto fall more than 10 per centfrom their record highs on Jan. 26.Thatmeantall threeindexes dipped into what is considered a "correction" in the markets.

The yield on the benchmark 10-year treasury note stood at 2.85per cent off from the four-year highof 2.885hit on Monday. The bondis considered to be the global driver of borrowing costs.

As interest rates rise, the value of existingbondsfallsand borrowing to invest becomes more expensive.

"The fact that Monday's lows were breached on Thursday signals more trouble ahead, and rallies are likely to give way to rising bond yields,"Peter Cardillo, economist at First Standard Financial in New York, told Reuters.

The CBOEVolatility index, which is the main gauge of expected volatility on Wall Street, roseto 29by the closeof trading but it still well below over 50 hit on Tuesday, which isa 2-year high.

Canada down

The Canadian market closed down, but off its lows for the day, as oil prices fell and Statistics Canada released disappointing jobs data.

The S&P/TSX composite index ended lower by0.2per centat15,034 marking its lowest level since September.

Economic data on Friday showedthe economy had lost a surprising 88,000 jobs in January, hitting its biggest one-month decline in nine years.

"The concentration of the job loss in Ontario and the focus upon lost part-time jobs in that province will no doubt feed debate on whether large minimum wage hikes took a toll on employment, but proving causality may remain contentious," said Derek Holt, economist at Scotiabank in a note.

"It's possible the Bank of Canadadismisses most of this report as a transitory adjustment to higher minimum wages," he added.

The Canadian dollar tradedat an average of79.31US cents, down from 79.46 cents on Thursday.

The loonie has been facing weakness from the strength of the U.S. dollar as investors fled to the safety of the reserve currency amid volatility.

Oil falls below $60

Meanwhile, benchmark U.S. crude oil fell below $60 US a barrelfor the first time this year, falling $1.95to settle at$59.20 asinvestors dumped risky assets.

Concerns ofoversupply the U.S. market also weighed on the commodity.

Shares of energy giantEncanafell 3.5 per cent, whileCenovusEnergy lost nearly five per cent.

Markets aroundthe world also reeled Friday from the sell-off on Wall Street on Thursday.

Mainland Chinese shares led the declines with the Shanghai composite losing over four per cent, while Hong Kong's Hang Sengindex lost over three per cent.

Asia's biggest market Japan's Nikkei 225 index lost 2.3 per cent.

In Europe, the benchmark Stoxx600 index closed down1.5per cent, with all sectors in negative territory.