U.S. stock indices weakened on Friday, although the recent rally in oil prices allowed them to post the second straight week of gains.

The Dow Jones Industrial Average declined 57.32 points, or 0.3%, to 16639.97 (+1.5% over the week). The S&P 500 lost 3.65 points, or 0.2%, to 1948.05. The Nasdaq Composite climbed 8.27 points, or 0.2%, to 4,590.47.

On Friday the U.S. Commerce Department reported that the country's gross domestic product rose by 1% q/q in the fourth quarter. This reading was better than +0.7% estimated previously and +0.4% expected. Nevertheless concerns over slow global economic growth outweighed this report; investors remained cautious.

This morning in Asia Hong Kong Hang Seng fell 1.23%, or 237.89 points, to 19,126.26. China Shanghai Composite Index plunged 3.90%, or 107.95 points, to 2,659.26. Meanwhile the Nikkei lost 0.23%, or 36.53 points, to 16,151.88.

Asian stock indices fell with Chinese stocks leading declines. Some analysts say that the recovery in China's property market may be responsible for some of these losses, because investors favor to benefit from higher interest in home buying.

Japanese stocks rose at the beginning of the session, but were not able to sustain gains.