Oil markets have taken a dive as the Dow Jones Industrial Average lost more than 1,000 points.
The S&P 500 gained 0.6%.
The Nasdaq gained 0,1%.
The oil and gas industry is expected to continue to see strong gains as companies expand production of oil and natural gas in the face of a weak global economy.
But the oil market’s latest selloff was a reversal from recent gains, according to analysts at Bloomberg Intelligence.
Oil prices, driven by high prices for oil and other products, have surged as the oil industry’s supply-demand imbalance has pushed up prices.
The Dow Jones Energy Average rose 2,623 points, or 1.4%, to 20,928.53.
The Nasd gained 1,639 points, which was also positive.
The Russell 2000 gained 0 (0.1%), or 1%.
The S&s fell 0.5%, or 1%, to 21,929.49.
The Dow Jones index of companies that report quarterly earnings rose 0.4%.
Read more about oil market:The Dow rose more than 2% for the first time in more than six months as oil prices gained more than $50 per barrel, according the Dow’s website.
The index has risen more than 14% since January.
In a statement Friday, the Dow said oil prices will likely stay above $60 per barrel through 2018.
The stock is also likely to continue its upward trajectory for several more years, the company said.
The S &Ps fell 0,2% to 17,097.30.
The Bloomberg Energy Index of energy companies rose 1.1%.
Energy stocks are on a path to a breakout, according Bloomberg’s David Tovar, who covers the energy sector.
“Oil prices are likely to rise significantly in coming months, as demand for energy continues to expand and production from shale wells expands,” he wrote in an article on Friday.
“If you buy the S&ips, you could end up with a profit that’s well above the current market price.”
Energy stocks have been buoyed by oil prices, which have surged more than 400% in the past six months.
The oil industry has also benefited from strong demand from emerging markets.
China, the world’s second-largest oil producer, has seen its output increase by about 100,000 barrels per day in the first six months of the year, Bloomberg reported Friday.
A surge in demand from China, India, and other emerging markets is expected as the U.S. economy expands.
The energy sector is also growing, with growth in the energy, natural gas, and coal sectors accounting for about half of the sector’s earnings growth, according a report by Barclays in July.