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Stocks- Dow Surges as OPEC Boosts Output

Wall Street was mixed on Friday.

Investing.com – The Dow was higher on Friday as oil prices rose after OPEC agreed to boost output while technology stocks fell.

The S&P 500 gained 11 points or 0.41% to 2,761.92 as of 9:42 AM ET (13:42 GMT) while the Dow composite increased 144 points or 0.59% to 24,606.55 and tech heavy NASDAQ Composite fell over nine points or 0.13% to 7,703.28.

The Organization of the Petroleum Exporting Countries agreed on Friday to increase its production to one million barrels per day (bpd) or about 1% of global supply. The U.S. had urged the organization to increase its supply to prevent an oil deficit.

Oil firm Exxon Mobil (NYSE:XOM) surged 2.05% after the morning bell, while Boeing (NYSE:BA) inched up 0.27% and General Electric (NYSE:GE) gained 1.06%. Meanwhile Apple (NASDAQ:AAPL) inched up 0.11% while Walt Disney Company (NYSE:DIS) rose 0.63% after it said it would divest more Fox assets to get the okay from regulators for its proposed merger.

Elsewhere BlackBerry Ltd (NYSE:BB) dipped 4.25% despite its fiscal report coming in higher than expected, while Tesla (NASDAQ:TSLA) fell 0.63% and Microsoft (NASDAQ:MSFT) lost 1.20%.

In Europe stocks were up. Germany’s DAX rose 26 points or 0.21% while in France the CAC 40 increased 49 points or 0.94% and in London, the FTSE 100 was up 101 points or 1.34%. Meanwhile the pan-European Euro Stoxx 50 gained 24 points or 0.71% while Spain’s IBEX 35 surged 55 points or 0.58%.

In commodities, gold futures fell 0.05% to $1,269.90 a troy ounce while crude oil futures surged 2.87% to $67.42 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.31% to 94.25.

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