Investing.com -- U.S. stocks were mixed on Friday amid sharp declines in oil prices, but ended the session with its strongest week since November as equities continue to stabilize from a global sell-off that gripped the markets over the first six weeks of the new year.
Investors also reacted to solid Consumer Price Index data in January, which could strengthen hawkish arguments for accelerated normalization by the Federal Reserve throughout the year. On Friday morning, the U.S. Department of Labor said its January CPI increased by 1.4% from the prior 12 months, gaining 0.7% from December's measure. A precipitous decline of nearly 3% in energy prices was softened by gains in medical care and rent prices. Separately, Federal Reserve Bank of Cleveland president Loretta Mester said at a speech in Sarasota, Florida, that the economy could be strong enough to handle more than one rate hike in the coming months.
The Dow Jones Industrial Average fell 21.44 or 0.13% to 16,391.99, while the S&P 500 Composite index lost 0.05 or 0.01% to 1,917.78, as six of 10 sectors closed in the red. Stocks in the Consumer Services, Technology and Financials sectors led, while stocks in the Telecom, Utilities and Energy industries lagged. The NASDAQ Composite index, the session's overperformer, added 16.89 or 0.38% to close at 4,504.43. For the week, the NASDAQ surged more than 4%.
The top performer on the Dow was Home Depot Inc (N:HD), which gained 1.72 or 1.43% to 121.69. Home Depot (N:HD) finished just ahead of American Express Company (N:AXP), which added 0.56 or 1.03% to 54.71. Earlier in the week, the struggling credit card company announced a plan to overhaul its management team and curtail its marketing activities in an effort to slash $1 billion in expenses. The worst performer was Intel Corporation (O:INTC), which lost 0.71 or 2.41% to 28.71. Intel (O:INTC) finished just below Boeing Company (N:BA), which fell 2.41 or 2.05% to 115.16. Shares in Boeing (N:BA) fell back two days after the jet manufacturer inked a deal with China's Okay Airlines on a $1.3 billion commitment for a dozen 737s aircrafts.
Shares in Apple Inc (O:AAPL) fell 0.23% to 96.04, after the U.S. Department of Justice filed a motion to compel the technology giant to unlock the phone of a terrorist accused of killing 14 people in a mass-shooting in San Bernardino, California last December. Shortly after, Republican presidential candidate Donald Trump urged voters to boycott the company until it hands over the phone to the FBI.
The biggest gainer on the NASDAQ was Applied Materials Inc (O:AMAT), which added 1.21 or 7.05% to 18.38. On Thursday, the semiconductor manufacturer reported stronger than expected earnings and outlook with its first quarter results. The worst performer was Seagate Technology (O:STX), which fell 1.77 or 5.35% to 31.34, erasing all of their gains from the prior sessions. Over the last year, shares in the Dublin-based electronic data storage solutions company are down nearly 50%.
Applied Materials (O:AMAT) was also the top performer on the S&P 500, just above Tesoro Corporation (N:TSO) which added 3.52 or 5.13% to 72.16. Late in Friday's session, the American Petroleum Institute reported that U.S. crude stockpiles moved to their highest levels in January in 86 years. The worst performer was Southwestern Energy Company (N:SWN), which plummeted 1.40 or 16.49% to 7.09. Shares in Southwestern Energy have fallen more than 70% over the last 12 months.
On the New York Stock Exchange declining issues outnumbered advancing issues by a 1,556-1,474 margin.