Investing.com - U.S. stock indices traded mixed to higher on Friday led by a sell off in the healthcare sector, though expectations that lower oil prices may boost consumer spending offset losses.
At the close of U.S. trading, the Dow 30 fell 0.10%, the S&P 500 index rose 0.02%, while the NASDAQ Composite index rose 0.18%.
The CBOE Volatility Index index, which measures the outlook for market volatility, was down 2.76% at 13.41.
Healthcare stocks fell on Friday as investors sold for profits,locking in several sessions of gains, which brought broader stock indices lower on Friday, though losses were limited.
Data released earlier revealed an uptick in retail sales and consumer sentiment, a sign that falling oil prices have brought down gasoline prices to the point that individuals and families may be seeing more discretionary income.
The Thomson Reuters/University of Michigan's preliminary reading on the overall consumer sentiment index for November hit 89.4, its highest reading since July 2007, beating forecasts for an 87.5 reading.
Also in the U.S., the Census Bureau reported that U.S. retail sales rose 0.3% last month, exceeding expectations for a 0.2% gain, after a 0.3% fall in September.
Core retail sales, which exclude volatile transportation items, increased by 0.3% in October, compared to expectations for a 0.2% slip the previous month.
Oil prices rose on Friday amid talk that OPEC countries may trim output at their November meeting, though they still remain subdued, moving off four-year lows earlier Friday.
Oil ministers from Saudi Arabia and Kuwait have recently resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines.
The 12-member oil cartel is scheduled to meet in Vienna on Nov. 27 to discuss whether to adjust their production target for 2015.
Saudi Arabia has hinted at a willingness to let prices slide on the presumed expectations that U.S. shale producers will halt operations as a result, as such production costs more than traditional drilling.
Once U.S. shale producers table their operations for profitability reason, prices would presumably rise as the global economy absorbs excess supply.
By Friday, sentiments that prices may be falling too low for even Saudi Arabia sparked talk of a possible OPEC move to shore up prices, which boosted oil prices, though they still remain low from a longer-term view.
The International Energy Agency reported earlier that prices could slump even further in 2015.
Leading Dow Jones Industrial Average performers included Cisco Systems Inc (NASDAQ:CSCO), up 2.49%, International Business Machines (NYSE:IBM), up 0.84%, and Chevron Corporation (NYSE:CVX), up 0.81%.
The Dow Jones Industrial Average's worst performers included Johnson & Johnson (NYSE:JNJ), down 0.83%, Visa Inc (NYSE:V), also down 0.83%, and UnitedHealth Group Incorporated (NYSE:UNH), down 0.82%.
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose 0.10%, France's CAC 40 rose 0.35%, while Germany's DAX rose 0.05%. Meanwhile, in the U.K. the FTSE 100 rose 0.29%.