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U.S. stocks end mixed amid oil weakness

Xinhua, August 23, 2016 Adjust font size:

U.S. stocks closed mixed after wavering in a narrow range Monday as oil prices tumbled after recent solid gains.

The Dow Jones Industrial Average fell 23.15 points, or 0.12 percent, to 18,529.42. The S&P 500 edged down 1.23 points, or 0.06 percent, to 2,182.64. The Nasdaq Composite Index rose 6.23 points, or 0.12 percent, to 5,244.60.

Oil prices dropped on Monday, with both U.S. oil and Brent crude falling over 3 percent, after data showed that U.S. oil producers added rigs for an eighth consecutive week.

On Friday, oil prices fluctuated in a tight range, with U.S. oil logging a seven-day winning streak, as traders were looking for excuses to lock in gains after recent strong rebound.

Both U.S. oil and Brent crude have risen about 15 percent in the last seven sessions on speculation that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) will agree next month to a production freeze deal with non-OPEC members led by Russia.

Meanwhile, investors kept a close eye on Federal Reserve Chair Janet Yellen, who is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.

In corporate news, Pfizer agreed to buy U.S. drug company Medivation for 81.50 U.S. dollars a share, or about 14 billion dollars. Shares of the former dipped 0.40 percent to 34.84 dollars apiece, while shares of the latter rocketed 19.74 percent to 80.42 dollars per share. Enditem