US stock market closed flat on Friday as volatility has declined to calm fears of investors, but two major indexes posted losses for the week. 

The Dow Jones ended the day almost unchanged at 31,494, while the S&P 500 was down just 8 points, or 0.2%, to 3,906.

The Nasdaq rose only 9 points, or 0.1%, to 13,874 with Facebook and Amazon losing more than 2% each against pharmaceutical firms Moderna and Novavax gaining over 3%.

The Dow increased 0.1% this week, posting its third consecutive weekly gain. The S&P 500, on the other hand, fell 0.7% for the week to mark its first weekly decline in the month of February. The Nasdaq plummeted 1.6% for the week to end its two-week winning streak.

After rising for three days in a row and worrying investors, the VIX volatility index calmed Friday by declining 2.4% to 21.96. The fear index increased a total 12.6% in previous three days.

It was Bitcoin that made headlines during trading hours as its market capitalization reached $1 trillion before its price climbed to a new record high level over $56,342.

The world's biggest cryptocurrency by market value has now seen its price increase by 94% since Jan. 1 when it was $28,933. It has increased 681% since the beginning of 2020 when it was just $7,208./aa