(CNBC) U.S. stocks closed mixed Friday, mostly shaking off pressure from declines in oil prices to post their best weekly gain of the year so far.
"That's encouraging that oil's lower and stocks aren't cratering. That relationship has to be broken down for this to be a sustainable rally," said Dan Veru, chief investment officer at Palisade Capital Management.
The major averages held mixed in afternoon trade, but well off session lows with the Nasdaq composite trading mostly higher.
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"I think people feel the market's stabilizing to a certain extent," Peter Coleman, head trader at Convergex, noting the S&P 500 rallied more than 6 percent from its low last week to its recent high this week. After three solid days of gains, Thursday's sell-off was "very mild."