A rollercoaster week came to a depressing end on Wall Street Friday after negative news from Bear Stearns shook the wider market.

In economic news, the Labor Department reported there was a lower-than-expected net increase of 92,000 jobs in July, down from 126,000 added in June. July's unemployment rate was 4.6 per cent, up from 4.5 per cent in June.

And another indication that a rebound in economic growth may have been short-lived came from the Institute for Supply Management. Its services index tumbled to 55.8 in July from 60.7 in June, well below forecast.