Oil prices slip, but posts weekly gains on Middle East tensions

Oil prices slipped on Friday, but both benchmarks posted a weekly gain on rising concerns over further Middle East supply disruptions due to U.S.-Iran political tensions.

A deputy head of Irans elite Revolutionary Guards said on Friday Iran couldeasily hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran. Meanwhile Irans top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump.

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Dow set to rise more than 100 points as Cisco and Walmart gain on earnings

Stocks rose on Thursday as sentiment was boosted by strong earnings from Walmart and Cisco Systems while banks climbed on higher rates.

The Dow Jones Industrial Average closed 214.66 points higher at 25,862.68, led by Walmart and Cisco. The S&P 500 gained 0.9% to close at 2,876.32 while the Nasdaq Composite advanced 1% to 7,898.05. The major indexes also closed higher for the third straight day.

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