Stocks Closed Lower, but Notched Weekly Gain

U.S. stocks finished lower on Friday, but still managed to notch their first weekly gain in three weeks and largest in two months, following President Donald Trump’s promise of a much-awaited tax-overhal plan. The Dow Jones Industrial Average fell 30.95 points, or 0.15%, to 20,547.76. The S&P 500 shed 7.15 points, or 0.30%, to 2,348.69. The Nasdaq Composite was off 6.26 points, or 0.11%, to 5,910.52.

Oil futures fell on Friday, with the U.S. benchmark ending below $50 a barrel and notching a weekly loss of roughly 7%. June West Texas Intermediate crude fell by $1.09, or 2.2%, to settle at $49.62 a barrel, posted a weekly loss of 7.4%. June Brent crude lost $1.03, or 1.9%, to $51.96 a barrel—ending 7% lower for the week.

President Trump said he would release new details about his plan to overhaul the tax code on April 26, a sign that he is accelerating one of his most ambitious campaign promises even though key details remain very closely held.