Stocks fall but oil jumps, US housing starts surge

Markets were mixed on Friday.

The S&P 500 fell 0.3 percent, the STOXX Europe 600 fell 0.3 percent but the Nikkei 225 rose 0.2 percent.

However, oil rose. West Texas Intermediate crude surged 2.6 percent and Brent jumped 2.2 percent.

Also providing positive news for investors on Friday was a report showing that US housing starts surged 13.7 percent in October. Housing starts is a leading indicator of the economy.

Still, Michael Gapen of Barclays said that “we would not expect this type of momentum to persist”.

Meanwhile, European Central Bank President Mario Draghi said in a speech in Frankfurt that the “euro area is in the midst of a solid economic expansion” but with inflation subdued, “we still need a patient and persistent approach to our monetary policy”.