NEW YORK (Reuters) - The S&P 500 and Dow Jones Industrial Average climbed on Friday, as the Dow put to rest an eight-day losing streak with a boost from energy stocks, but losses in the technology space kept the Nasdaq in check.
U.S. crude settled up 4.6 percent at $68.58 a barrel and Brent settled 3.4 percent higher at $75.55 after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.
Exxon Mobil rose 2.1 percent and Chevron gained 2.0 percent, as the two biggest boosts to the S&P. The S&P energy index was up 2.2 percent, as the sector notched its strongest day in June.
A rally in oil prices due to OPEC’s earlier decision to restrict supply in an effort to drain global inventories has given the sector a gain of more than 11 percent for the quarter-to-date, best among the 11 major S&P groups.
“That is the big news of the day, both the OPEC news and just the reaction of the stocks as well,” said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York, New York.
The Dow Jones Industrial Average rose 119.19 points, or 0.49 percent, to 24,580.89, the S&P 500 gained 5.12 points, or 0.19 percent, to 2,754.88 and the Nasdaq Composite dropped 20.14 points, or 0.26 percent, to 7,692.82.
For the week, the Dow lost 2 percent, its weakest weekly performance since late March. The S&P 500 fell 0.9 percent and the Nasdaq declined 0.7 percent.
Trade worries still loomed, however, as U.S. President Donald Trump, in his latest move, threatened to impose a 20 percent tariff on all European Union car imports. The announcement came a month after the administration launched
