NEW YORK (TheStreet) -- The S&P 500 suffered from a late session selloff, ending lower by 1.4% on Friday. However, West Texas Intermediate climbed some 8% to finish at $48.24 per barrel on Baker Hughes data showing rig count dropped by 94 rigs. It's the biggest drop in rigs since 1987, Tim Seymour, managing partner of Triogem Asset Management, said on CNBC's "Fast Money" TV show.