New York ? U.S. stocks on Friday skidded to weekly losses as the price of oil and other commodities soared, sparking concern about inflation and an already slowing economy, with only the technology-driven Nasdaq Composite eking out a daily gain.

“There is growing concern that it (credit-related trouble) is spreading to some extent to other forms of credit, including mortgage-backed securities, auto loans and credit cards delinquencies,” said Owen Fitzpatrick, head of U.S. equity at Deutsche Bank.

The market is “always nervous going into the weekend,” he added.

The Dow Jones Industrial Average declined 64.87 points Friday to 12,182.13, off session lows that had the blue-chip index sliding nearly 150 points. For the week, the Dow lost 4.4 percent.

While equities chalked up losses, crude-oil prices surged more than 4 percent Friday on supply worries, with futures for March delivery up $3.66 at $91.77.

“The surge in commodities prices serves as a reminder of the persistence of inflation, which has not abated much despite the deep economic slowdown in the U.S., and the difficulties the Fed would have in cutting rates as low as it did in 2003 when the funds rate reach 1 percent,” said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co.

The S&P 500 dropped 5.62 points Friday to 1,331.29, down 4.6 percent from a week ago.

“The economic numbers keep pointing to a slower economy, and consumer discretionary and financials are two groups that are going to bear the brunt of that,” Fitzpatrick said.

After a brief detour in negative terrain, the technology-laden Nasdaq Composite gained 11.82 points Friday to 2,304.85, a weekly drop of 4.5 percent.

Treasury prices rallied Friday, sending yields on 10-year Treasury notes down to 3.647 percent.

In economic news, the Commerce Department reported inventories at U.S. wholesalers climbed 1.1 percent in December, the largest gain since August 2006.

“Going by market action, we have not fully discounted the strong probability of a recession,” said Al Goldman, chief market strategist at A.G. Edwards.

U.S. stocks had climbed Thursday as bargain hunters returned to the market, hit by three days of losses that left the Nasdaq in bear-market territory.