Closing Bell: Crude Oil Enjoys Best Week Since April; U.S. Stocks Mixed

U.S. stocks ended mixed after another increase in crude prices gave oil the best weekly gains since April.

Author:: Keris Alison Lahiff
Publish date:: Aug 12, 2016 4:27 PM EDT

Stocks ended mixed after another increase in crude prices gave oil the best weekly gains since April. The Nasdaq netted a new record close, while the S&P 500 and Dow Jones Industrial Average's slight losses kept them within range of their own. Crude oil prices ended the week with hefty gains. An oil rally continued through the afternoon, undeterred by the latest data that showed rising rig activity in the U.S. for the seventh straight week. Media mogul Rupert Murdoch announced new leadership at the helm of Twenty-First Century Fox's (FOXA) - Get Report subsidiary Fox News. Execs Jack Abernethy and Bill Shine will serve as co-presidents of the network, replacing Roger Ailes who resigned last month amid sexual harassment allegations. Alibaba (BABA) - Get Report climbed after Raymond James upgraded to a STRONG BUY rating and hiked its price target. Analysts cited its recent quarterly performance which showed an effective monetization of mobile.