Inflation fears deflated Wall Street bulls’ optimism on Friday as manufacturing data and a surge in oil prices overshadowed initial confidence spurred by a soft non-farm payrolls report.

By the close, the Dow Jones Industrial Average was down 1 per cent at 10,403.63, while the S&P 500 index was 0.7 per cent lower at 1,172.78. The technology-heavy Nasdaq Composite index fell 0.7 per cent to 1,984.69. This prolonged a losing streak on Wall Street to four weeks