US stocks mostly inched higher on Friday as rising energy shares offset early weakness, though the S&P 500 remained on track to break a five-week streak of gains. Equities fell early after data showed a drop in single-family home sales, but a rebound in energy and material shares from their slump in the previous session, helped Wall Street overcome those losses.
A rise in crude oil prices gave upside support to the energy sector. The benchmark S&P 500 is down 1.2 percent for the week, though it remains up 10.3 percent for the year and up more than 25 percent from its October closing low. An S&P index of energy shares rose 1 percent while the S&P materials index added 0.9 percent. Alcoa Inc rose 1.6 percent to $10.18, leading the Dow.
The Dow Jones industrial average was up 23.43 points, or 0.18 percent, at 13,069.57. The Standard & Poor's 500 Index was up 1.97 points, or 0.14 percent, at 1,394.75. The Nasdaq Composite Index was down 6.16 points, or 0.20 percent, at 3,057.16. The S&P 500 was on track for its fourth straight decline, the longest losing streak in four months.
Comments
Comments are closed for this article.