Stocks closed mixed on Friday, with the Dow dropping 285 points, the tech-heavy Nasdaq posting a modest gain, and the S&P 500 finishing flat. For the week, all three major benchmarks marked their second-straight weekly losses. Investors remained focused on developments tied to President Trump’s decision to shelve European tariffs and outline a “framework” for future talks with NATO. Looking ahead, this weekend's winter storm could affect natural gas production. 

GOLD, SILVER HIT RECORD HIGHS

Oil prices jumped Friday after President Donald Trump intensified pressure on Iran with new sanctions on oil-shipping vessels and signaled increased military presence in the region. March-dated West Texas Intermediate (WTI) crude gained $1.80, or 3%, to $61.16 per barrel on the day, adding 3.2% for the week. 

Gold also surged, notching another record and inching closer to $5,000 an ounce as investors flocked to safe-haven assets amid rising geopolitical tensions and growing bets on U.S. rate cuts. February-dated gold futures tacked on 1.3% to settle at $4,978.60 per ounce, rising over 8% for the week. Meanwhile, silver prices rose above $100 for the first time ever. 

More By This Author: