U.S. stocks closed near session lows on Friday, with investor sentiment hit by a renewed slide in crude-oil prices. Reports that major oil producers are not likely to reach an agreement to freeze production resulted in the largest one-day loss for oil futures since mid-July. Crude ended the day down 3.43% to close at $43.73.
The main indexes posted a second straight weekly gain, however, thanks to a Fed-induced rally earlier this week. The S&P 500 fell 12.49 points, or 0.6%, to 2,164.69, but rose 1.2% over the week. Meanwhile, The Dow Jones Industrial Average declined 131.01 points, or 0.7%, to 18,261.45 with all but three of the 30 blue-chip components finishing in negative territory. Overall the Dow posted a 0.8% gain for the week.
The Nasdaq Composite Index dropped 33.78 points, or 0.6%, to 5,305.75, backing off two straight days of record closes. One bright spot was Twitter, which saw shares soar 21.42% amid reports that the tech company may be a subject of acquisition. The Nasdaq gained 1.2% on the week.
Markets rallied earlier in the week as investors cheered the Federal Reserve’s latest policy announcement to keep interest rates steady. The Fed on Wednesday stood pat on interest rates, but also indicated confidence in the U.S. economy and signaled that a rate rise could come by year’s end.