Stocks close out second quarter ...Oil prices move higher... Consumer spending rises slightly in May
NEW YORK (AP) — Stocks are ending the second quarter with gains as retailers and industrial companies rise. But the market faded at the finish today. The S&P 500 rose nearly 4 points, closing at 2,423. The Dow gained over 62 points to 21,349. The Nasdaq lost almost 4 points, to end the day at 6,140. The Russell 2000 index of small-company stocks gave up a fraction of a point to 1,415.
UNDATED (AP) — Oil prices are continuing their upward trend. Crude prices have closed higher for the seventh straight day. Benchmark U.S. crude gained $1.11, or 2.5 percent, to settle at $46.04 a barrel in New York. At the same time, Brent crude, the international standard, rose $1.14, or 2.4 percent, to close at $48.77 a barrel in London.
UNDATED (AP) — The government says consumer spending grew just 0.1 percent in May, less than the last couple of months. According to the Commerce Department, personal income grew by a healthy 0.4 percent, but spending only rose 0.1 percent.
NEW YORK (AP) — Warren Buffett is the largest shareholder in two of the nation’s largest banks. Berkshire Hathaway is buying 700 million shares in Bank of America. Berkshire says it’ll convert warrants purchased in the bank in 2011, when the bank was struggling following the financial crisis, into common shares. The stake in the bank will make Berkshire the largest shareholder in Bank of America. Buffett is also the largest shareholder in Wells Fargo.
DETROIT (AP) — Mazda is recalling nearly 228,000 cars in the United States because the parking brake may not fully release or could fail to hold the cars, increasing the risk of a crash. The recall covers certain Mazda 6 cars from the 2014 and 2015 model years and the Mazda 3 from 2014 through 2016. The company says water can get into the brake caliper, causing a shaft to corrode and bind. Owners will be notified starting August 21.