NEW YORK: Oil gained on Friday after a rise in US housing starts in June bolstered prospects for recovery, but a mixed batch of US corporate earnings raised some concerns and caused US stocks to pull back from a four-day rally.
Gold steadied and copper prices rose to their highest level in more than a month as the US dollar pared earlier gains and investors took heart from the stronger-than-expected US housing data.
A 14.4 percent jump in single-family home starts, the biggest rise since December 2004, propelled a 3.6 percent in US housing starts and dampened demand for safe-haven US government debt.
After 1 p.m., the Dow Jones Industrial Average was up 4.53 points, or 0.05 percent, at 8,716.35. The Standard & Poor’s 500 Index was down 2.69 points, or 0.29 percent, at 938.05. The Nasdaq Composite Index was down 4.80 points, or 0.25 percent, at 1,880.23.
European shares and London’s top share index each posted a fifth consecutive gain, with banks and commodity stocks the biggest advancers.
The pan-European FTSEurofirst 300 index of top shares closed up 0.4 percent at 870.56 points, while the FTSE 100 closed up 0.6 percent at 4388.75, its biggest weekly rise since early January.
Oil bounced above $63 a barrel and was on track for a gain of more than 4 percent this week, snapping four straight weekly declines thanks to stronger equities markets, better corporate results and positive economic data, particularly from Asia.
US light sweet crude oil rose $1.78 to $63.80 a barrel in New York. London Brent crude for September rose $1.80 to $65.55 a barrel.
The dollar pared gains against the euro, supporting interest in gold as a currency hedge.
Spot gold prices rose $1.95 to $938.30.
Copper prices rose to their highest in more than a month on Friday as the dollar pared earlier gains and investors seeking signs of economic recovery took heart from stronger-than-expected US housing data.
Zinc and lead both rose more than 5 percent, tracking gains in copper, after the US housing data, suggesting the heavily battered housing sector was beginning to stabilize.
The dollar was up against a basket of major currencies, with the US Dollar Index up 0.20 percent at 79.373. The euro was down 0.09 percent at $1.4133, and against the yen, the dollar was up 0.25 percent at 94.02.
