Investors sent stock prices of the major oil companies and others that work in the oil patch generally higher Friday after the House approved the $700 billion bailout package.

Halliburton Co. shares sank Thursday as an industry analyst slashed his target price for the oilfield services provider by nearly 21 percent.

Major business events and economic events scheduled for the coming week (some dates are tentative):

To give investors an edge, CNBC asked the experts for their best trades now.

Schlumberger, the world's largest oilfield services company, Friday posted better-than-expected quarterly profit, driven by energy companies' brisk spending around the globe on oil and gas exploration.

Wall Street is bracing for a big round of second-quarter earnings reports that few expect to deliver good news for the state of corporate America.

Almost everywhere they looked during the week, investors saw red ink flowing. But CNBC guests worked hard to find bright spots in the murk.

With the proliferation of energy-oriented mutual funds over the last ten years, getting a piece of this supercharged, if highly volatile, sector has never been easier. But energy funds have been notoriously hot and cold over the years, so investors should allocate no more than 5 percent of their total portfolio to this sector.

The seemingly endless surge in energy prices is lightening wallets at gas stations, but it's also a potential bonanza for investors.

CNBC asked the market experts for their best stock picks now.  Here's a sampling of their suggestions.

Most business news this week took a back seat to oil's relentless climb, but there were still some notable moments. And CNBC guests had plenty of stocks to recommend for worried investors.

To give investors an edge, CNBC asked the market experts where investors should be placing their bets now.

Schlumberger said it would buy back $8 billion in stock Friday, while reporting a first-quarter profit below analysts' expectations, blaming the disappointing numbers on seasonal factors and weather disruptions.

The days of $80 oil are over, according to Gerald Jordan, portfolio manager of the Jordan Opportunity Fund, and that is why he’s placing his bets on the oil services sector.