Stocks Ended Higher with Second Week of Gains
U.S. stocks ended higher for the fourth-straight session on Friday, logging sharp gains for the second week, after the Federal Reserve vowed another round of stimulus. The Dow Jones Industrial Average rose 53.51 points, or 0.40%, to 13,593.37, gaining 2.2% from last week’s close. The S&P 500 added 5.78 points, or 0.40%, to 1,465.77, rising 1.9% on the week. The Nasdaq Composite advanced 28.12 points, or 0.89%, to 3,183.95, posting a 1.5% weekly rise.
Egan-Jones Ratings Co. said Friday it downgraded its U.S. sovereign rating to AA- from AA on concerns that the Fed’s new round of quantitative easing, or QE3, will hurt the U.S. economy.
Under pressure from Congress, the Obama administration on Friday detailed for the first time how more than $100 billion in spending cuts slated for January will ripple out across thousands of federal programs and projects.
BP PLC asked a federal judge Friday to dismiss claims by its fuel dealers that the 2010 oil spill in the Gulf of Mexico diminished the value of the BP brand and cost them business.
Oil futures on Friday touched a high above $100 a barrel as unrest in the Middle East and North Africa sparked worry of supply disruptions. Crude for October delivery rose to an intraday high of $100.42 a barrel in electronic trade on the New York Mercantile Exchange.