U.S. stocks closed lower on Friday as rising oil prices dampened investor sentiment. The Nasdaq Composite, the S&P 500, and the Dow all ended in negative territory. The indexes also finished in negative territory for the week.
The Dow Jones Industrial Average (DJI) fell 1%, or 443.96 points, to close at 45,577.47. Twenty-seven components of the 30-stock index ended in negative territory, and seven ended in positive territory. The major loser of the Dow was International Business Machines Corporation (IBM). The stock price of this integrated solutions provider fell 3.4%. IBM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
The tech-heavy Nasdaq Composite declined 2%, to close at 21,647.61.
The S&P 500 lost 1.5%, to end at 6,506.48. Out of 11 broad sectors of the broad-market index, nine ended in negative territory while two ended in the positive zone. The Technology Select Sector SPDR (XLK), the Utilities Select Sector SPDR (XLU) and the Real Estate Select Sector SPDR (XLRE) fell 2.1%, 4.1% and 3.2%, respectively. while the Financials Select Sector SPDR (XLF) rose 0.2%.
The fear gauge, the CBOE Volatility Index (VIX), increased by 11.3% to 26.78. A total of 27.5 billion shares were traded on Friday, lower than the last 20-session average of 20.1 billion. The S&P 500 posted 43 new 52-week highs and 274 new lows, and the Nasdaq Composite recorded 29 new highs and 218 new lows.
Oil prices rose on Friday, with Brent crude reaching a new record of $113 a barrel and U.S. oil above $98 a barrel, as a Reuters report that Iraq declared force majeure on oilfields operated by foreign companies heightened supply concerns over one of the largest members of the Organization of the Petroleum Exporting Countries.
The Federal Reserve opted not to increase interest rates in the last FOMC meeting. The Fed also hinted that inflation may remain above the target threshold for longer than previously forecast, as supply-side pressures in oil prices continue. Expectations of further rate hikes have been significantly reduced, adding to the volatility in markets.
During the week, the S&P 500 fell 1.9%, while the Nasdaq and the Dow fell just over 2%.
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