U.S. stocks fell for a third day, tumbling in a late-afternoon selloff that sent major equity indexes to their worst weekly declines in more than four years, as investors found little relief from moves by China to restore calm to its sinking markets and data that showed resilience in the U.S labor market.

The S&P 500 dropped 1.1 percent to 1,921.82 at 4 p.m. in New York. The gauge fell 6 percent this week. The Nasdaq Composite Index declined 1 percent, stretching its losing streak to seven days, the longest since 2011.

“We’re still in a risk-off mentality,” said Mark Spellman, a fund manager who helps oversee more than $4 billion at Alpine Funds in Purchase, New York. “I think any kind of risk-on trade mentality that comes in is going to be short-lived until global economic growth improves. It’s not a great time to pile in right now.”

A report today showed a 292,000 gain in jobs last month, exceeding the highest forecast in a Bloomberg survey, after a 252,000 increase in November that was stronger than previously estimated, with the unemployment rate holding at a seven-year low.

Worries over contagion from China had lessened Friday after officials set a higher yuan reference rate, suspended a controversial circuit breaker system that had halted stock trading twice since it was implemented at the start of the week and directed state-controlled funds to buy local shares. U.S. equities dropped more than 2 percent yesterday, with China’s sinking yuan bolstering concern that weakness in the world’s second-largest economy will spread. American shares erased almost $2 trillion in value this week.

The S&P 500 has fallen 7.3 percent through Thursday since Fed raised interest rates last month for the first time in nearly a decade. The central bank balked at boosting borrowing costs in September in part due to turbulence sparked by China’s August currency devaluation. The poor start to 2016 has left the benchmark index 9.8 percent below its all-time high set in May after coming within 1 percent of the record as recently as November.

Wages, Inflation

Fed policy makers have emphasized that progress in economic data will guide their path for future rate increases, which they expect to be gradual. A report today showed the jobless rate held at 5 percent, while at the same time worker pay disappointed, rising less than forecast from a year earlier. The Fed is counting on tighter labor conditions to lead to a pickup in wages and inflation.

Today’s data “is reflective of an underlying momentum that’s in fact accelerating, not decelerating,” said Dan Veru, who helps oversee $3.7 billion as chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management. “There is no wage inflation and there is no commodity inflation. When you have both of these factors, the Fed will be more motivated’’ to hold off raising rates, he said.

After this week’s turbulence triggered by China, investors will begin to contend with another expected decline in corporate earnings as the reporting season begins. Alcoa Inc., JPMorgan Chase & Co. and Intel Corp. are scheduled to deliver results next week. Analysts forecast profits for S&P 500 members fell 6.7 percent last quarter.