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Crude falls, tech gains as Wall Street closes mixed

Crude falls, tech gains as Wall Street closes mixed
Dow Jones posts best weekly gain in 5 years

NEW YORK (AA) – Wall Street closed mixed Friday as falling oil prices were balanced with a recovery by tech stocks.

OPEC's oil production in October increased 240,000 to reach 33.6 million barrels a day, according to the cartel's monthly report.

The jump renewed worries about a supply glut and created downward pressure on oil prices.

American benchmark was down 3.3 percent to $43.18 at the final bell. International benchmark Brent crude was at $44.66 -- a 2.7 percent loss.

As a result, the S&P 500 closed three points lower to 2,164 but managed to gain 3.8 percent for the week.

As crude prices fell, technology stocks rose to help the Nasdaq end its two-day losing streak.

The Nasdaq was up 28 points to 5,237 with a 3.8 percent gain for the week.

The Dow closed at its all-time high for the third consecutive day, gaining 39 points to 18,847. It posted a weekly gain of 5.4 percent -- its best weekly performance since December 2011.


source: News Feed
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