Stock Ended Friday Lower, but Posted Weekly Gains

U.S. stocks closed out a healthy week of gains in negative territory Friday as a retreat in crude-oil prices weighed on energy shares. The Dow Jones Industrial Average closed off 28.97 points, or 0.16%, to 17,897.46. The S&P 500 shed 2.05 points, or 0.10%, to 2,080.73. The Nasdaq Composite was down 7.67 points, or 0.16%, to 4,938.22. On the week, the Dow scored its best weekly gain, up 1.8%, since March 18. The S&P 500 registered a 1.6% weekly gain, while the Nasdaq was up 1.8% on the week.

Oil futures settled lower on Friday, but still finished the week with a gain. May West Texas Intermediate crude fell $1.14, or 2.8%, to settle at $40.36 a barrel on the New York Mercantile Exchange. June Brent crude fell 74 cents, or 1.7%, to $43.10 a barrel, on London’s ICE Futures exchange, with prices roughly 2.7% higher on the week.

In 2016, Americans will pay roughly 20% more for their federal, state and local taxes than for the their housing, food and clothing combined, according to an analysis by the Tax Foundation, a nonpartisan tax research organization.

Apple Inc.’s stock took an intraday dive Friday, after a report that iPhone demand remained sluggish threw cold water on hopes that a turnaround was near. The report said Apple, which cut iPhone production by 30% in the first quarter, was reacting to slow sales of its iPhone 6s and iPhone 6s Plus smartphones.