US STOCKS UPDATE WITH EPIC RESEARCH

Stocks had dipped to fresh lows midday following a climb in oil rigs for a seventh week in a row, which took some steam out of energy gains. However, oil futuresCLU6, +2.76% rose 2.3% to settle at $44.49 a barrel in choppy action, as officials from Saudi Arabia sparked fresh hopes for a collective production freeze. Crude finished up 6.4% for the week.

Earlier, investors grappled with weaker-than-expected retail sales data and an unexpected drop in wholesale prices.

U.S. retail sales stalled in July after three straight monthly ga

ins, according togovernment data released Friday. Retail sales, which have increased 2.3% over the past 12 months, are an important part of consumer spending, which is the backbone of the U.S. economy.

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