Stocks on Wall Street closed broadly lower Friday as oil prices climbed to their highest level in more than four years, ratcheting up pressure on the market.
- The Dow fell 652.82 points, or 1.2%, to 52,215.16, ending the week up 0.4%.
- The S&P 500 fell 39.75 points, or 0.5%, to 7,623.68, falling 0.5% for the week.
- The Nasdaq fell 53.52 points, or 0.2%, to 25,955.34, to close out the week 0.7% lower.
Rising oil prices weighed heavily on the market, where nearly three out of every four stocks within the benchmark S&P 500 index fell, the AP reports. The price for a barrel of Brent crude oil rose 3.1% to settle at $116.72. It has surged from less than $97 at the start of October and is now at its highest level since June 2022. Several AI-related companies rallied, helping ease some of the impact from the broader market slide. Micron Technology rose 2.5%, Intel gained 1.7%, Microsoft added 0.7%, and Advanced Micro Devices closed 1.7% higher.
Industrial companies had some of the biggest losses. Caterpillar fell 2.4%. American Express slumped 3.7%, one of several financial stocks that lost ground, despite reporting profits for its most recent quarter that beat analysts' forecasts. The company did announce its first major job cuts in roughly a decade. JPMorgan Chase fell 1.5%, Citigroup dropped 1.5%, and Capital One Financial slid 1%. While higher oil prices weighed down much of the market, they helped boost energy companies. Chevron rose 2.9%, and ConocoPhillips gained 3.6%.
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