US stocks fell sharply on Friday and closed the week with steep losses, following two weeks of gains. The Dow Jones Industrial Average lost 211.82 points, or 1.29%, to 16,204.83 and posted a 1.6% weekly loss. The S&P 500 fell 35.40 points, or 1.85%, to 1,880.05 and closed the week 1.3% lower. The Nasdaq Composite declined 146.41 points, or 3.25%, to 4,363.14 and finished the week 5.4% down. On the data front, US nonfarm payrolls showed the economy added only 151,000 new jobs in January, below the 190,000 expected and down from a revised 262,000 gain in December. However, wages rose and the unemployment rate edged down to 4.9%, hitting levels below 5% for first time since 2008. For more information, read our latest forex news.