US stocks close mixed as energy shares rally

US stocks close mixed as energy shares rally
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New York: US stocks ended mixed after a weak previous trading session as energy shares rose, boosting the market.

The Dow Jones Industrial Average on Friday rose 119.19 points, or 0.49 per cent, to 24,580.89. The S&P 500 increased 5.13 points, or 0.19 per cent, to 2,754.88, Xinhua news agency reported.

The Nasdaq Composite Index decreased 20.13 points, or 0.26 per cent, to 7,692.82.

The Dow’s gains were underpinned by the advances of Chevron and Exxon Mobil. Shares of both companies surged more than 2 per cent at the market closing.

The blue-chip index managed to end an eight-day losing streak, its longest since March 2017. The S&P 500 traded on an upbeat note with energy and materials among the best performers. The Nasdaq Composite lost as tech shares fell.

Investors also digested a batch of corporate earnings and economic data.

Shares of US used-car retailer CarMax jumped 12.86 per cent on Friday after the company reported its better-than-expected quarterly earnings, and shares of Red Hat fell more than 14 per cent after the software company reported a lower-than-anticipated quarterly outlook on late Thursday.

On the economic front, US manufacturing PMI registered at 54.6 in June, down from 56.4 in May, while services PMI stood at 56.5, slightly down from 56.8 in May, according to latest statistics from data provider Markit.

IANS