Oil, Energy Rally Fuels Market Surge

But Nasdaq composite loses 20 points
By Newser Editors and Wire Services
Posted Jun 22, 2018 3:18 PM CDT
Trader Peter Tuchman watches screens on the floor of the New York Stock Exchange last week.   (AP Photo/Richard Drew)

(Newser) – US stocks are closing higher Friday as oil prices and energy companies rallied, the AP reports. OPEC says it will produce more oil, but not as much as investors feared; US crude jumped 4.6% and Exxon Mobil advanced 2.1%. Health care companies also rose while technology companies and banks fell. Meanwhile, the European Union imposed tariffs on $3.4 billion in US exports, and President Trump threatened to put a 20% tax on cars made in Europe. The S&P 500 index rose 5 points, or 0.2%, to 2,754. The Dow Jones Industrial Average broke an eight-day losing streak. It gained 119 points, or 0.5%, to 24,580. The Nasdaq composite lost 20 points, or 0.3%, to 7,692. (Read more stock market stories.)

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