Concerns over growing COVID-19 cases and their impact on global economy knocked down global stocks on Friday, sending Wall Street into the red for the week.

Wall Street opened higher as statistics indicated an unexpected increase in US retail sales. However, markets quickly fell into the red, with losses increasing as the day proceeded.

Profit taking played an influence in Friday’s session and throughout the week, according to analysts, after the market set new highs earlier in the month.

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According to Briefing.com analyst Patrick O’Hare, investors are “continuing to trim winning positions” as they wait for more clarity on the economy’s direction.

The broad-based S&P 500 finished 0.8% down at 4,327.16, bringing its weekly losses to roughly 1%.

In many places of the world, the extremely infectious Delta strain has caused infection rates to skyrocket, prompting authorities to reimpose certain restrictions.

“COVID-19 concerns still linger and the economic outlook is not as bright as it was just a few weeks ago,” said market analyst Edward Moya at trading platform Oanda.

Investors were concerned by growing COVID-19 infections, and the Bank of Japan lowered its economic growth projection for the current fiscal year, causing major European bourses to fall, including Tokyo, which finished one percent down.

Late profit-taking wiped away early gains on Hong Kong’s main index, which was flat ahead of a US warning about conducting business in the territory.

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The US cautioned its business community of “growing risks” of working in Hong Kong due to China’s crackdown in a long-awaited warning that has already been criticised by China.

Hong Kong, a former British colony returned to China in 1997, “retains many economic distinctions” from the mainland, including greater intellectual property rights, according to the advice.

However, Washington cited a deteriorating atmosphere as a result of a national security bill passed last year, which included the detention of one US citizen, famous human rights lawyer John Clancey.

Shanghai fell 0.7%, with Seoul, Taipei, Kuala Lumpur, and Bangkok following suit. Wellington remained unchanged, while Sydney, Singapore, and Jakarta rose somewhat.

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New York – Dow: DOWN 0.9 percent at 34,687.85 (close)

New York – S&P 500: DOWN 0.8 percent at 4,327.16 (close)

New York – Nasdaq: DOWN 0.8 percent at 14,427.24 (close)

London – FTSE 100: DOWN less than 0.1 percent at 7,008.09 (close)

Frankfurt – DAX 30: DOWN 0.6 percent at 15,540.31 (close)

Paris – CAC 40: DOWN 0.5 percent at 6,460.08 (close)

EURO STOXX 50: DOWN 0.5 percent at 4,035.77 (close)

Tokyo – Nikkei 225: DOWN 1.0 percent at 28,003.08 (close)

Hong Kong – Hang Seng Index: FLAT at 28,004.68 (close)

Shanghai – Composite: DOWN 0.7 percent at 3,539.30 (close)

Euro/dollar: DOWN at $1.1809 from $1.1812 at 2100 GMT Thursday

Pound/dollar: DOWN at $1.3765 from $1.3829

Euro/pound: UP at 85.77 from 85.42 pence

Dollar/yen: UP at 110.04 from 109.83 yen

Brent North Sea crude: UP 0.2 percent at $73.59 per barrel

West Texas Intermediate: UP 0.2 percent at $71.81 per barrel