Here Are 4 Hot Things to Know About Stocks Right Now
- Crude oil prices fell 4% to settle at $67.88 a barrel Friday after Saudi Arabia and Russia confirmed plans to ease production cuts.
- Exxon Mobil Corp. (XOM) - Get Exxon Mobil Corporation Report and Chevron Corp. (CVX) - Get Chevron Corporation Report were laggards on the Dow Jones Industrial Average I:DJI , falling 1.9% and 3.5%, respectively
- Gap Inc. (GPS) - Get Gap, Inc. (GPS) Report declined 14.6% after the retailer's same-store sales were weaker than expected.
- For the week the Dow rose 0.15%, the S&P 500 gained 0.31% and the Nasdaq climbed 1.08%.
Wall Street Overview
Stocks were mixed Friday, May 25, amid a sharp decline in oil prices.
Oil prices fell Friday after energy ministers from Saudi Arabia and Russia confirmed plans to ease production cuts in order to offset supply shortfalls from Venezuela. West Texas Intermediate crude dropped 4% to settle at $67.88 a barrel.
The Dow Jones Industrial Average I:DJI declined 58 points, or 0.24%, to 24,753. The S&P 500 undefined also fell by 0.24% and the Nasdaq I:IXIC rose 0.13%. Exxon Mobil Corp. (XOM) - Get Exxon Mobil Corporation Report was down 1.9% and Chevron Corp. (CVX) - Get Chevron Corporation Report tanked 3.5%.
President Donald Trump told reporters Friday that his administration had restarted talks with North Korea.
"We're talking to them now," Trump said, following a measured response from the reclusive nation.
Kim Kye Gwan, a top official at North Korea's Foreign Ministry, said his country "highly appreciated President Trump for having made the bold decision, which any other U.S. presidents dared not, and made efforts for such a crucial event as the summit," and suggested talks could still place.
North Korea was still willing to sit for talks with the United States "at any time, (in) any format," said Kim Kye Gwan.
Durable goods orders in April declined 1.7%, more than expected, as demand for aircraft was weak. Stripping out transportation orders, durable goods orders rose 0.9%.
Apple was up 0.23% on Friday.
GAP Inc. (GPS) - Get Gap, Inc. (GPS) Report shares tumbled 14.6% on Friday after the retailer said on Thursday that fiscal first-quarter same-store sales rose less than expected and earnings came in shy of forecasts.
Fiat Chrysler Automobiles Inc. (FCAU) - Get Fiat Chrysler Automobiles N.V. Report was down 2% after the automaker said it would recall 4.8 million vehicles in the U.S. because of problems with turning off a vehicle's cruise control
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