U.S. stock indices gave up early gains and closed in red on Friday.

The Dow Jones Industrial Average lost 167.65 points, or 1%, to 16,346.45. The S&P 500 fell 21.08 points, or 1.1%, to 1,922.02 (all of its 10 sectors declined). The Nasdaq Composite fell 45.80 points, or 1%, to 4,643.63.

U.S. stocks advanced at the beginning of the session on a strong jobs report and stable Chinese markets, but falling oil prices dragged indices lower.

The U.S. Department of Labor reported that the U.S. economy created 292,000 new jobs in December vs expectations for 215,000 new jobs. Meanwhile the unemployment rate remained at 5%.

This morning in Asia Hong Kong Hang Seng plunged 2.29%, or 469.36, to 19,984.35. China Shanghai Composite Index dropped 2.91%, or 92.59, to 3,093.83. Japanese markets are on holiday.

Chinese stocks declined amid lack of investor confidence after last week's crisis. Pessimism is supported by weak economic data and outlook.