Investing.com – The Dow was higher on Friday as oil prices rose after Reuters reported that OPEC agreed to boost output while technology stocks fell.
The S&P 500 gained 11 points or 0.41% to 2,761.92 as of 9:42 AM ET (13:42 GMT) while the Dow composite increased 144 points or 0.59% to 24,606.55 and tech heavy NASDAQ Composite fell over nine points or 0.13% to 7,703.28.
The Organization of the Petroleum Exporting Countries agreed on Friday to increase its production to a little less than one million barrels per day (bpd) or about 1% of global supply, according to OPEC sources, Reuters reported. Not all OPEC members are expected to participate. The U.S. had urged the organization to increase its supply to prevent an oil deficit.
Oil firm Exxon Mobil (NYSE:XOM) surged 2.05% after the morning bell, while Boeing (NYSE:BA) inched up 0.27% and General Electric (NYSE:GE) gained 1.06%. Meanwhile Apple (NASDAQ:AAPL) inched up 0.11% while Walt Disney Company (NYSE:DIS) rose 0.63% after it said it would divest more Fox assets to get the okay from regulators for its proposed merger.
Elsewhere BlackBerry Ltd (NYSE:BB) dipped 4.25% despite its fiscal report coming in higher than expected, while Tesla (NASDAQ:TSLA) fell 0.63% and Microsoft (NASDAQ:MSFT) lost 1.20%.
In Europe stocks were up. Germany’s DAX rose 26 points or 0.21% while in France the CAC 40 increased 49 points or 0.94% and in London, the FTSE 100 was up 101 points or 1.34%. Meanwhile the pan-European EURO STOXX 50 gained 24 points or 0.71% while Spain’s IBEX 35 surged 55 points or 0.58%.
In commodities, Gold futures fell 0.05% to $1,269.90 a troy ounce while crude oil futures surged 2.87% to $67.42 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.31% to 94.25.
