Global stocks slip after good week, as oil prices lose gains

Fri Feb 19, 2016 5:01pm EST
 
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By Chuck Mikolajczak

NEW YORK (Reuters) - Major world stock markets slipped on Friday, but still had their best week this year, as crude oil prices stabilized.

Yields on short-dated U.S. bond yields rose though after U.S. inflation data raised the possibility the Federal Reserve may raise interest again earlier than anticipated.

Crude oil prices slipped also on Friday but still posted gains for the week for the first time this month.

Advances in oil and equity prices this week were sparked by moves by oil producers, including Saudi Arabia and Russia, to cap output, but a record buildup in U.S. crude oil stockpiles kindled worries over persisting global oversupply.

The renewed weakness in oil prices on Friday affected U.S. stocks, with the S&P energy index .SPNY closing 0.35 percent as the worst performer of the 10 major S&P indexes.

"We have seen oil come back off and that has put some pressure on the market," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina.

MSCI's index of world shares .MIWD00000PUS was 0.25 percent lower, but was up 3.7 percent for the week, its best since October.

"We have had a lot of very concerning economic data in the first six weeks of the year, and I think over the last few weeks we have seen a significant improvement in that data," said Tony Roth, chief investment officer at Wilmington Trust in Wilmington, Delaware.   Continued...

 
People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015.  REUTERS/Suzanne Plunkett