Stocks reversed earlier gains to close in the red today, despite nonfarm payrolls climbing to 315,000 jobs in August -- just shy of analyst estimates. Fears surrounding another imminent rate hike swirled on Wall Street, sending all three indexes into a third-straight week of losses. For the day, the Dow shed 338 points, marking its fifth settlement lower in six sessions alongside the S&P 500. The tech-heavy Nasdaq nabbed its sixth-consecutive daily loss as investors look ahead to Labor Day weekend.

The Dow Jones Average (DJI - 31,318.44) dropped 338 points or 1.1% for the day and 3% for the week. Chevron (CVX) was the top performer with a 1.5% rise, while 3M (MMM) landed at the bottom of the list with a 3.2% drop. 

The S&P 500 Index (SPX -3,924.26) shed 42.6 points, or 1.1% for the day, while the Nasdaq Composite (IXIC -11,630.86) lost 154.3 points or 1.3%. For the week, the indexes erased 3.3% and 4.1%, respectively.

Lastly, the Cboe Volatility Index (VIX - 25.47) fell 0.09 points or 0.4% for today's session. For the week, the VIX moved 0.3% lower.

OIL, GOLD SUFFER STEEP WEEKLY LOSSES

Crude managed to inch higher for today's session, as traders await next week's Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. October-dated crude added 26 cents, or 0.3%, to settle at $86.87 a barrel on the day, but shed 4.6% for the week.

Following a bounce in silver prices and today's jobs data, gold managed to eke out a daily win. December-dated gold dropped $13.30, or 0.8%, to settle at $1,722.60 per ounce. For the week, gold backpedaled almost 1.6%. 

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