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A five-day rally for European stock markets lost steam on Friday, as caution lingered ahead of a key meeting of major oil producers on Sunday.
U.S. stocks ended modestly lower Friday as a retreat in oil prices weighed on energy shares ahead of a meeting of major oil producers slated for Sunday. But despite the daily drop, the three main indexes posted weekly gains, with the Dow Jones Industrial Average up 1.8% for its strongest weekly gain in a month. The S&P 500 and Nasdaq Composite also logged weekly gains. Stocks found broad support this week from better-than-feared corporate earnings, which helped limit declines.
Stocks in Asia fell early Monday after major oil producers failed to reach an agreement to curtail production in Doha over the weekend. Broad losses in the region came as oil prices opened sharply lower in Asian trading hours. Over the weekend, talks between oil producers collapsed when Saudi Arabia reasserted a demand that Iran also agree to cap its oil production.
Based on MarketWatch materials
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