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SYDNEY, AAP – Shares on the Australian market closed lower to end the week after big falls in the health, materials and information technology sectors.

The S&P/ASX200 benchmark index closed lower by 49.9 points, or 0.74 per cent, to 6710.8 on Friday.

The All Ordinaries closed lower by 57.6 points, or 0.82 per cent, at 6943.

The mood was set by big losses on Wall Street after US Federal Reserve Chairman Jerome Powell failed to offset investors’ fears about inflation.

For the week, the ASX200 was higher by 0.56 per cent, after three consecutive weeks trading lower.

The Australian dollar was buying 77.06 US cents at 1617 AEDT, lower from 77.99 US cents at Thursday’s close.