Stocks Post Gains for the Week

U.S. stocks were able to claim a week of gains by the time the market closed Friday. The Dow Jones Industrial Average fell 43.25 points, or 0.34%, to 12,681.16. The S&P 500 gained 1.22 points, or 0.09%, to 1,345.02. The Nasdaq Composite added 24.40 points, or 0.86%, to 2,858.83. For the week, the Dow was up 1.6%, the S&P 500 rose 2.2%, and the Nasdaq Composite gained 2.5%.

Gridlock stubbornly held the high ground in the steamy capital Friday despite the threat of a government default in 11 days’ time. Talks between President Barack Obama and House Speaker John Boehner seemed stuck in limbo, and the Democratic-controlled Senate scuttled legislation drawn to conservatives’ specifications.

A federal appeals court has struck down a rule adopted last year by the Securities and Exchange Commission that gave shareholders more power to nominate board directors.

Verizon Communications may have the iPhone, but the blockbuster smartphone has yet to pay off in its battle against AT&T Inc. In the second quarter, Verizon Wireless, the No. 1 U.S. mobile service, signed up 1.3 million fewer iPhone customers than AT&T, dashing high hopes of investors who sent its shares down almost 3 percent.

Crude-oil futures rose Friday, extending gains for a fourth session. Crude for September delivery added 74 cents, or 0.8%, to end at $99.87 a barrel on the New York Mercantile Exchange.