AmEx Spikes on Activist Reports; Crude Closes at Four-Month Low

American Express (AXP) got an unexpected boost Friday afternoon on reports activist fund ValueAct Capital Management had secured a $1 billion stake in the credit card company. Shares topped the Dow. Stocks had recovered from the worst of the day's losses, though remained in the red after a strong jobs report exacerbated fears a Fed rate hike would come sooner than later. The Dow suffered its seventh straight session of losses. Oil closed at its lowest level in four months. The commodity sold off after the number of U.S. rigs in operation unexpectedly rose this week. Lower oil prices hit the energy sector hard. Among the worst performers, major oilers Exxon Mobil (XOM) and Chevron (CVX) dropped and pressured the Dow.