Wall Street clocked its second consecutive weekly decline driven by the ongoing political drama in Washington, despite oil scoring its biggest weekly gain since March ahead of next week’s Opec meeting.
US stocks pared their earlier gains on Friday afternoon following reports that President Donald Trump had told Russian officials earlier this month that firing former FBI director James Comey had relieved “great pressure” on Mr Trump, and that a senior White House adviser had been identified by the FBI as a “person of interest” in its Russia probe.
The revelations, which came as Mr Trump embarked on his first foreign visit, renewed concerns about the White House’s ability to push through its economic agenda.
The S&P 500 finished the day 0.7 per cent higher at 2,381.73 — despite the lat- week rally, it finished the week down 0.4 per cent. Meanwhile, the Dow Jones Industrial Average finished Friday 0.7 per cent higher at 20,804.84 but was off 0.4 per cent over the week.
The tech-heavy Nasdaq Composite climbed 0.5 per cent to 6,083.70 on Friday and clocked a 0.6 per cent loss over the week.
The jitters surrounding Mr Trump also took their toll on the dollar, which fell 2.1 per cent over the week for its biggest five-day drop since April 2016.
However, oil prices rallied ahead of next week’s Opec meeting, with markets expecting Opec and Saudi Arabia to agree to extend their output cut agreement by another six to nine months. West Texas Intermediate, the US crude marker, rose 5.3 per cent over the week to $50.37 a barrel, while Brent crude, the global oil benchmark, gained 5.6 per cent to $53.65 a barrel.