Stocks end the week higher...Oil prices climb... Companies drop deals with NRA after school shooting
UNDATED (AP) — Investors are relieved the stock market managed to register a modest gain for the week. Technology companies, banks and health care stocks accounted for much of the market’s gains during a broad rally on Friday. The S&P 500 climbed 43 points, or 1.6 percent, to 2,747. The Dow picked up 347 points, or 1.4 percent, to end the day at 25,309 and the Nasdaq gained 127 points, or 1.8 percent, to close at 7,337. The Russell 2000 also rose 1.3 percent.
UNDATED (AP) — Oil futures are up. Benchmark U.S. crude picked up 78 cents, or 1.2 percent, to settle at $63.55 a barrel in New York on Friday. Also, Brent crude, used to price international oils, gained 92 cents, or 1.4 percent, to close at $67.31 a barrel in London. In other energy futures trading, heating oil gained 2 cents to $1.97 a gallon. Wholesale gasoline added 4 cents to $1.81 a gallon and natural gas was little changed at $2.63 per 1,000 cubic feet.
NEW YORK (AP) — Delta and United Airlines are cutting ties with the National Rifle Association. Both said Saturday they will no longer offer discounted fares to NRA members to attend their annual meetings, and both have asked the gun rights group to remove any references to their companies from the NRA website. A growing number of major companies are distancing themselves from the NRA following the deadly shooting at a Florida high school.
UNDATED (AP) — Investor Warren Buffett says the acquisition frenzy on Wall Street makes is making it hard for him to find deals at the right price, but his Berkshire Hathaway conglomerate recorded a $29 billion gain because of the tax reforms Congress passed. Buffett mixed investment advice with details of how Berkshire’s many businesses performed in his annual letter to shareholders Saturday.
CHICAGO (AP) — Warren Buffett is stepping down from the board of directors of Kraft Heinz Co. The food and beverage giant says the 87-year-old billionaire will retire from its board when his term ends in April as he moves to cut back on travel. Buffett is the CEO of Berkshire Hathaway. Kraft Heinz says Alexandre Van Damme will be nominated to take Buffett’s seat. Van Damme is also a board member of Anheuser-Busch Inbev and Restaurant Brands International.