Stocks Ended Lower; Oil Up for the Week

U.S. stocks ended lower on Friday, as oil prices stabilized, after concerns about the timing of future interest rate hikes offset gains in materials and energy stocks. The Dow Jones industrial average fell 57.32 points, or 0.34%, to 16,639.97. The S&P 500 lost 3.65 points, or 0.19%, to 1,948.05. The Nasdaq Composite added 8.27 points, or 0.18%, to 4,590.47.

U.S. consumer spending rose solidly in January and underlying inflation picked up by the most in four years, keeping Federal Reserve interest rate increases on the table this year.T he Commerce Department said consumer spending increased 0.5 percent, the largest gain in 10 months, as households ramped up purchases of a range of goods and a return to normal winter temperatures boosted demand for heating.

Oil futures turned negative late in Friday’s session, but still finished the week higher as traders continued to hold out hope for a significant slowdown in global production. April West Texas Intermediate crude fell 29 cents, or 0.9%, to settle at $32.78 a barrel on the New York Mercantile Exchange.