Business

Stocks dip with oil prices but finish the week higher

A trader worked Friday on the floor of the New York Stock Exchange.
A trader worked Friday on the floor of the New York Stock Exchange. Bloomberg

Stocks took small losses in quiet trading Friday as energy companies fell with the price of oil, but the market finished higher for the week.

The price of oil fell 3 percent and made energy companies the worst performing sector of the market. Utility companies rose as bond yields decreased, and metals and mining companies rose as gold and silver prices edged higher.

For the week, the market was propelled higher by quarterly financial results from big banks that were less ugly than investors were bracing for. The market quieted, though, toward the end of the week.

“We’re in a wait-and-see market,” said Kate Warne, investment strategist for Edward Jones. “People are still skeptical about earnings growth in the first quarter, but there’s no longer the grave concern there was a few weeks ago.”

The Dow Jones industrial average fell 28.97, or 0.16 percent, to 17,897.46. The Dow rose 1.8 percent for the week.

The Standard & Poor’s 500 index fell 2.05, or 0.10 percent, to 2,080.73. It finished the week up 1.6 percent.

The Nasdaq composite index fell 7.67, or 0.16 percent, to 4,938.22. For the week it was up 1.8 percent.

Ministers from major oil-producing countries will meet this weekend in Qatar to discuss their production policies. The price of oil has risen in recent weeks in part on hopes that those countries will be able to strike a deal that will limit oil production and help relieve a global glut. But a deal is far from a sure thing, and oil prices have slipped in recent days.

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