US stocks close mostly higher, log weekly gains

Most US stock indices closed higher and posted weekly gains on Friday, despite pressure on the energy sector as oil prices fell, in addition to concerns over the Chinese economy and renewed tensions between the US and China.

China decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact.

The US has accused China of mishandling the coronavirus outbreak and blaming it for the global pandemic and the death of hundreds of thousands of victims.

To the oil market, West Texas Intermediate crude fell 2% to close at $33.25 a barrel, but posted weekly gains of 13%, after it hit a day high of $34 and a low of $30.7.

Brent crude lost 2.6% to $35.13 a barrel, with a high of $36.2 and a low of $33.5.

As for stocks, Dow Jones slipped less than 0.1% or 9 points to close at 24,465, and posted a weekly gains of 3.3%, after it hit a day high 24,481 and a low 24,294.

Nasdaq rose 0.4% or 39 points to 9,324 points, and registered weekly gains of 3.4%, with a high of 9,328 and a low of 9,239.

S&P 500 rose 0.2% or 7 points to 2,955, and posted 3.2% gain this week, with a high of 2,956 and a low of 2,933.