Dow snaps losing streak as oil prices surge

By StocksFOXBusiness

The economic impact of the tax reform legislation

Rep. Jeb Hensarling, (R-Texas), on the six month anniversary of the tax reform legislation and mounting trade tensions.

The major U.S. stock indexes were mixed Friday, but the Dow snapped its longest losing streak in 15 months amid a surge in oil prices.

Continue Reading Below

The Dow Jones Industrial Average added 119.19 points to 24,580.89, the blue-chip index's first rally in nine days. The S&P 500 rose 5.12 points to 2,754.88. The Nasdaq Composite was down 20.14 points at 7,692.82.

Stocks still posted losses for the week, after concerns of a trade war spooked investors and weighed on corporate stocks that have exposure to international trade.

All eyes were on the Organization of the Petroleum Exporting Countries’ (OPEC) meeting Friday. According to an OPEC source, the oil ministers agreed in principle to a production increase of up to 1 million barrels per day (bpd), or around 1 percent of global supply.

OPEC reportedly expects production to climb about 600,000 barrels per day, less than previously expected.

I:DJIDOW JONES AVERAGES27154.2-68.77-0.25%
SP500S&P 5002976.61-18.50-0.62%
I:COMPNASDAQ COMPOSITE INDEX8146.488965-60.75-0.74%

U.S. crude jumped Friday, rising $3.04, or 4.6%, to $68.58 a barrel. Analysts didn't see the production boost as large enough to shift the market's tight supply-demand balance.

Baker Hughes reported in its weekly update that the number of active oil rigs in the U.S. fell by seven since last week to 1,052.

More from FOX Business

In company news, UPS shares rose after the company and its teamsters tentatively agreed to a new five-year contract.

Economic data released Friday included the IHS Markit flash services purchasing managers' index (PMI), which dipped to 56.5 in June from 56.8, while IHS Markit flash manufacturing PMI fell to 54.6 in June from 56.4. A reading over 50 signals expansion.

FOX Business’ Ken Martin and Matthew Rocco contributed to this article.

What do you think?

Click the button below to comment on this article.