US Close 18 Apr 16: US market lower while the Aussie markets closed out a strong week. OPEC in focus.

Major oil producers have failed to agree on a plan to freeze output according to sources contacted by Reuters.

US sharemarkets eased on Friday. Shares in Apple fell by 2% on a news story that the company will reduce production of iPhones in response to lower sales. Shares in Citigroup fell 0.1% after its quarterly earnings result. The Dow Jones ended lower by 29 points or 0.2% after trading in a 70 point range. The S&P 500 index fell by 0.1% while the Nasdaq lost almost 8 points or 0.2%. Over the week the Dow rose by 1.8%, the S&P 500 rose by 1.6% and the Nasdaq rose by 1.8%.

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