• The oil industry made huge gains in the US stock market along with an increase in oil prices.
• Russia would reduce production by 500,000 barrels per day.
• Investors are in a “wait and see” mindset.

As the US stock market ended a dismal week with a mixed session, companies tied to the petroleum industry rose along with oil prices on Friday.

Gains were made by oil service providers and producers like Chevron and Halliburton when Russia declared it would reduce production by 500,000 barrels per day in March as a result of a price restriction put in place by Western nations due to the crisis in Ukraine.

While higher Treasury bond yields hurt the Nasdaq, the rebound in energy companies helped both the Dow and S&P 500 have good sessions.

At 33,869.27, the Dow Jones Industrial Average closed out the day up 0.5 percent.

While the tech-heavy Nasdaq Composite Index fell 0.6 percent to 11,718.12, the diversified S&P 500 increased 0.2 percent to 4,090.46.

Investors are in a “wait and see” mindset ahead of next week’s consumer price index report, which will affect the expectation for future Federal Reserve interest rate hikes, according to Briefing.com analyst Patrick O’Hare.

Following a disastrous January, all three major indices ended the week in the red as Treasury yields increased.

Lyft, a ride-hailing company, fell more than 36% among individual companies after announcing a fourth-quarter loss of $568.1 million and predicting lower first-quarter sales than anticipated.

Expedia’s stock fell by 8.6% as it announced quarterly earnings that fell short of forecasts as a result of increased cancellations brought on by hurricanes and winter storms, which hurt revenues.

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