Wall Street falls as energy lags; shares post gains on week

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Wall Street retreated on Friday as lower oil prices weighed on energy shares and Facebook and Apple declined, but major indexes still posted gains for the week. Energy was the worst-performing major S&P sector, dropping 1.3 percent. Oil prices tumbled 4 percent on signs Saudi Arabia and Iran were making little progress on a bilateral agreement ahead of talks by crude exporters aimed at freezing production. Facebook shares fell 1.6 percent and were one of the biggest drags on the S&P 500. 

 

The Wall Street Journal reported that the social media company overestimated viewing times for video ads. Even so, the S&P 500 recorded its best weekly performance in more than two months. Stocks were given a boost on Wednesday when the US Federal Reserve decided to keep rates steady, leaving intact the low-interest-rate environment that has helped fuel the bull market.