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Market Snapshot: Stocks sink as oil tanks, but weekly gains in sight

U.S. stocks on Friday traded lower as declines in crude-oil prices dragged energy shares down on renewed doubts that a pact to freeze oil production by major oil producers would be forged soon.

“Crude oil is just getting hammered and that’s just really taking the market down,” said Colin Cieszynski, senior market analyst at CMC Markets.

The S&P 500 SPX, -0.39% fell by 10 points, or 0.5%, to 2,167, with a 1.6% tumble in the energy sector, leading losses in the large-cap benchmark. Shares of Devon Energy Corp. DVN, -5.13% off more than 6%, was the worst performer in the S&P 500.

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