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Stocks sunk into the red all day on Friday, but still finished solidly positive for the week.
All three indexes declined, while oil dropped off the table on new rules from the Federal Reserve and reports of disagreements within OPEC.
We’ve got all the highlights, but first, the scoreboard:
Dow: 18,261.45, -131.01, (-0.71%) S&P 500: 2,164.69, -12.49, (-0.57%) Nasdaq: 5,305.75, -33.78, (-0.63%) WTI Crude: $44.81, -$1.51, (-3.26%) 10-year yield: 1.615%, (-0.017)
Oil took a nosedive. Prices of crude oil plummeted nearly 4% after reports from Bloomberg that a member of the Saudi delegation to the oil cartel OPEC said he did not expect a production freeze. At nearly the same time, the Federal Reserve released new rules restricting the trading of oil and other commodities by financial institutions. Apple shares tumbled after a report saying iPhone 7 sales are down. GFK, a German consumer research firm, said that demand for the iPhone 7 outside of the US is down by 25% from the iPhone 6s based on their research. Apple shares dropped roughly 2% before recovering later in the day. Twitter surged on takeover reports. Twitter shares jumped over 20% in trading after reports that it was nearing a deal to sell itself. Possible suitors include Google, Salesforce, Verizon, and Microsoft. Markit PMI came in lower than expected. The measure of America’s manufacturing sector came in at 51.4, still in expansionary territory but weaker than the 51.9 expected by economists. The number of oil rigs kept climbing. The Baker Hughes oil rig count rose by 2 to 418 this week, which makes it the 12th week out of the last 13 to have an increase.