“The real trade will be when everybody wakes up and realizes lower oil prices are a tailwind for the consumer. Increased consumer confidence, higher levels of employment and lower gasoline prices, I really believe none of that is baked into the cake yet,” said Art Hogan, chief market strategist at Wunderlich Securities.
rose after the oilfield-services provider confirmed discussions with . declined after the car-rental company said it would restate three years of financial results.
Investors are currently viewing the decline in crude “as a read on the global economy rather what it truly is, which is a read on global supply,” said Hogan.
Another economic report from the government on Friday had U.S. import prices falling in September the most in two years as the cost of petroleum products fell and a stronger dollar made it cheaper for Americans to buy goods from abroad.
Up 0.4 percent from the week-ago close, thedropped 18.05 points, or 0.1 percent, to 17,634.74, with pacing blue-chip losses that extended to 14 of 30 components.
Also tallying a 0.4 percent weekly gain, therose a fraction to 2,039.82, lifting it to a record finish, with consumer staples the worst performer and energy the best among its 10 industry groups.
Theadvanced 8.40 points, or 0.2 percent, to 4,688.54, up 1.2 percent from last Friday’s finish.
All three indexes advanced for a fourth week, with the S&P 500 up just over 10 percent for the year.
For every seven shares falling, roughly eight rose on the New York Stock Exchange, where almost 705 million shares traded. Composite volume surpassed 3.2 billion.
Thedeclined against the currencies of major U.S. trading partners; the yield on the note fell 2 basis points to 2.3213 percent.
After the prior session’s fall to a four-year low,on Friday gained $1.61 to $75.82 a barrel on the New York Mercantile Exchange. rose $24.10 to $1,185.60 an ounce.