By Riva Gold and Akane Otani 
   -- Crude oil rises after OPEC deal 
 
   -- Dow rises after eight straight losses 
 
   -- Biggest weekly outflows from EM equities since 2016 

The Dow Jones Industrial Average headed toward its biggest one-week slide since March as escalating tariff tensions drove investors out of companies they fear could suffer under tighter trade conditions.

Stocks wobbled throughout the week, with shares of industrial firms, agricultural companies and auto makers sliding as investors feared global trading relations were becoming increasingly fractured.

President Donald Trump asked his administration Monday to identify an additional $200 billion of Chinese goods that would be penalized with tariffs. He then threatened Friday to impose a 20% tariff on European cars after the European Union began imposing duties on U.S. products ranging from bourbon whiskey to Harley-Davidson motorcycles.

The moves contributed to unease among investors, who worry that such fractious approaches could hinder global growth at a time when many already believe that economic momentum is fading.

The Dow industrials fell eight straight sessions through Thursday -- notching its longest streak of declines in more than a year. As investors broadly shed risk, investors withdrew the biggest weekly amount from emerging-market equities, financials and investment-grade bond funds since 2016, according to Bank of America Merrill Lynch.

"We're starting to see some corporate impact to some of the rhetoric coming out of Washington," said Barbara Reinhard, head of asset allocation at Voya Investment Management. "Potentially targeting the auto sector has a far greater economic impact than anything that has been done so far."

The Dow Jones Industrial Average rose 175 points, or 0.7%, to 24636 Friday but was on course for a 1.8% weekly loss. The S&P 500 added 0.4% for the day while the Nasdaq Composite edged down 0.1%.

Stocks got a boost Friday from energy shares, although they weren't enough to offset broad declines throughout the week from other sectors.

Shares of Chevron and Exxon Mobil led gains in the Dow, rising 2.2% and 2.1%, respectively, after members of the Organization of the Petroleum Exporting Countries agreed to a deal to join other big producers in boosting oil production by about 600,000 barrels a day.

The move came as a relief to investors who had been expecting the cartel to decide to boost output even further, sending U.S. crude for August delivery up 4.6% to $68.58 a barrel.

Industrial shares in the S&P 500 rose Friday but remained on track for weekly losses, with Caterpillar down 6.4% and Boeing losing 5.2% over five sessions.

Elsewhere, the Stoxx Europe 600 rose 1.1% but fell 1.1% for the week, weighed down by shares of European auto makers.

The auto sector had taken a hit after German auto maker Daimler issued an unexpected profit warning Wednesday saying Chinese retaliatory import duties on vehicles built in the U.S. would hurt sales and earnings.

Meanwhile, the dollar came under pressure as European currencies strengthened. The euro was up 0.5% against the dollar after data showed business activity in the eurozone picked up for the first month in five.

"Politically, Europe is in a trickier spot than it has been for a while, but flash estimates tell us the first-quarter slowdown was probably somewhat of a temporary blip," said Tim Graf, head of macro strategy for EMEA at State Street Global Markets.

Japan's Nikkei Stock Average fell 0.8% Friday and 1.5% for the week, while the Shanghai Composite Index dropped 4.4%, its worst week since February.

Write to Riva Gold at riva.gold@wsj.com and Akane Otani at akane.otani@wsj.com

(END) Dow Jones Newswires

June 22, 2018 15:48 ET (19:48 GMT)

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