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Oil futures ended sharply higher Friday, with the U.S. benchmark posting a weekly gain of around 9.6% as traders turned their focus from a global glut to signs of slowing U.S. production amid continued hopes major producers will discuss a potential output freeze. West Texas Intermediate crude futures on the New York Mercantile Exchange rose $1.35, or 3.9%, to settle at $35.92 a barrel, maintaining gains after data showed the number of active U.S. oil rigs fell for an eleventh straight week.

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Gold jumped on Friday, trading around a more than one-year high Friday after February jobs data offered a picture of the labor market that was healthy but not strong enough to shift expectations of the Federal Reserve’s monetary policy. April gold settled up $12.50, or 1%, at $1,270.70 an ounce. The metal registered a weekly advance of about 4%, its first weekly gain in three weeks. The nonfarm-payrolls report isn’t expected to spur the central bank to lift rates at its meeting in March, which is bullish for gold. Lower rates benefit the commodity that doesn’t offer a yield.

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DSW Inc. was downgraded to neutral from outperform at Credit Suisse after analysts said the off-price shoe and accessory retailer lacks high-end merchandise. Shares of DSW wre down 1% on Friday, trading at about $26. DSW “originally sourced nearly 80% of its product from national brands available primarily in premium distribution,” Credit Suisse wrote in a Friday note. Now, “92% of shelf space allocated to mid-tier and private label brands whose primary channel is in mid-tier and low-end distribution.” Credit Suisse, which analyzed products on the store’s shelves, said that of the 196 brands it found, only two were designer brands. The top three brands by shelf space were Nike , Skechers and the retailer’s own Kelley & Katie brand. Analysts believe DSW will have a hard time enticing customers looking for off-price desinger shoes and see business struggle as a result. The recent acquisition of online shoe retailer eBuys won’t improve the assortment, Credit Suisse said. DSW shares aredown 30.3% for the past year, but up 9.1% in 2016. The S&P is down 2% this year.

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Oil prices held gains after data Friday from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell for an 11th week in a row, down by 8 to 392 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 13 at 489. The lowest count for total U.S. rigs was 488 from April 23, 1999, according to Baker Hughes data. April crude was at $35.68 a barrel on the New York Mercantile Exchange, up $1.11, or 3.2%. It traded at $35.80 before the data.

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The Los Angeles Police Department is testing a knife found on a property once owned by former professional football player and TV personality O.J. Simpson, according to a Friday report in the Los Angeles Times. The knife was turned in to authorities several years ago by a person working on the site, but detectives had only recently learned of its existence, the newspaper reported. Simpson was found not guilty of the double murder of his ex-wife Nicole Brown Simpson and her friend Ron Goldman in 1995. In a separate civil case brought by the families of Brown and Goldman in 1997, Simpson was found liable in their deaths and ordered to pay $25 million in punitive damages.

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WASHINGTON (MarketWatch) – President Barack Obama will speak to reporters this afternoon following a meeting of his economic team, the White House announced Friday. Obama will speak after a report which showed the U.S. added 242,000 new jobs in February.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

WASHINGTON (MarketWatch) – President Barack Obama will speak to reporters this afternoon following a meeting of his economic team, the White House announced Friday. Obama will speak after a report which showed the U.S. added 242,000 new jobs in February.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News