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Wells Fargo & Co.’s stock took a dive in afternoon trade Friday, after the bank disclosed that the number of authorized accounts created during the customer account scandal could be a lot higher than previously thought. The stock was down about 0.2% a little after 2:00 p.m. ET, then tumbled to be down as much as 2.8%, before recovering slightly to be down 1.1% in recent trade. In a filing with the Securities and Exchange Commission, the bank stated that a review of sales practices, which is expected to completed by the end of the third quarter, “may lead to a significant increase in the identified number of potentially unauthorized accounts.” Wells Fargo said it expanded the review period to January 2011 through September 2016 from May 2011 to mid-2015, and will perform a voluntary review of accounts from 2009 to 2010. The bank also disclosed that the board of directors is reviewing its structure, composition and practices, and will announce actions to take in the third quarter. The stock has lost 4.2% year to date, while the SPDR Financial Select Sector ETF has climbed 9.1% and the S&P 500 has gained 10.5%.

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Oil futures finished the session sharply higher on Friday, but booked a weekly loss, as investors focused on a decline in rigs drilling for oil against a coming OPEC meeting to assess compliance of to an agreement to check global production and stabilize crude prices. On the New York Mercantile Exchange, West Texas Intermediate for delivery in September advanced 55 cents, or 1.1%, at $49.58. However for the week, crude prices finished about 0.4% lower, according to FactSet data. Crude prices added to earlier gains after a report at 1 p.m. Eastern showed that overall U.S. rig counts pulled back for the week, helping to support gains in crude-oil prices on Friday. The number of active U.S. rigs drilling for oil fell by 1 to 765 rigs this week, while those drilling for gas declined by 3 to 189, bringing the overall oil-and-gas count to 954 for the week, according to Baker Hughes. Oil had been on the rise after an upbeat reading of U.S. employment showed that 209,000 jobs were created in July, with the unemployment rate falling to a 16-year low at 4.3%. Strong U.S. jobs can suggest impending demand for crude, lifting prices. Looking ahead, investors will be focused on a meeting of the Organization of the Petroleum Exporting Countries to discuss compliance to agreed upon global production limits that run through March 2018. The meeting is set for set for Aug. 7-8 in Abu Dhabi.

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Gold futures settled firmly lower on Friday as the dollar jumped after a key report on payrolls in July showed stronger-than-expected job creation. December gold fell $9.80 , or 0.8%, to finish the session at $1,264.60 an ounce. A gauge of the U.S. dollar, the U.S. ICE Dollar Index rose 0.8%, coming off a 15-month low, and weighing on commodities, like gold, priced in the currency. The moves came after a report from the Labor Department showed that the U.S. added a better-than-expected 209,000 new jobs in July, more than most economists were banking on. The unemployment rate fell back to a 16-year low of 4.3%. The labor report underlined what has been a healthy pace of job growth, but also may offer the Federal Reserve little cause to delay lifting interest rates as it seeks to normalize monetary policy. The one-two punch of higher rates and a stronger greenback can serve as a headwind to assets like gold that don’t bear a yield. For the week, the buck finished down 0.4%.

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Shares of Trivago N.V. tumbled 24% on heavy volume in afternoon trade Friday, after the Germany-based hotel booking site reported a surprise second-quarter loss amid increased marketing spend. Volume ballooned to over 6.2 million shares, compared with the full-day average of about 1.2 million shares. The company reported a U.S. dollar equivalent loss of a penny a share, compared with consensus analyst expectations for a breakeven quarter, according to FactSet. Analyst Shyam Patel at Susquehanna Financial cut his stock price target to $21 from $23, citing a lower outlook for 2018 after management said it continued to expect revenue growth to decelerate. “We continue to like Trivago, given its leadership position in the hotel metasearch space, large runway for growth and ability to sclare margins over time,” Patel wrote in a note to clients. But given concerns over valuation, Patel kept the rating at neutral. The stock, which went public on Dec. 16, 2016, was still trading 49% above its $11 IPO price. Meanwhile, the S&P 500 has gained 9.5% over the same time.

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Overall U.S. rig counts pulled back for the week, helping to support gains in crude-oil prices on Friday. The number of active U.S. rigs drilling for oil fell by 1 to 765 rigs this week, while those drilling for gas declined by 3 to 189, bringing the overall oil-and-gas count to 954 for the week, according to Baker Hughes. September West Texas Intermediate crude rose 35 cents, or 0.7%, at $49.37 a barrel, ticking slightly higher after the rig-count data were released. Falling rig counts may ease some of the worries that U.S. shale drillers are undercutting a global agreement led by the Organization of the Petroleum Exporting Countries to cut global production and lift crude prices off historic lows. U.s. oil producers have been cited as the biggest headwind to such efforts.

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From:: Stock Market News